In March 2025, the cryptocurrencies player that Giancarlo Devasini and Paolo Ardoino founded, acquired 30.4% of Instagram contents platforms Chora Media and Will
Tether Limited, the eponymous stablecoin’s (USDT) developer and cryptocurrencies platform that Giancarlo Devasini and Paolo Ardoino founded, said it owns 10.12% (6.18% voting rights) of Milan-listed football team Juventus (see here press release) of which it acquired 8.2% (5% voting rights) in February 2025.
Tether also said it launched Twenty One Capital Inc, a newco that will carry on a 3.6 billion US Dollars enterprise value business combination with Nasdaq-listed Spac Cantor Equity Partners, a vehicle that in January 2025 attracted 200 million US Dollars from investors (see here the press release). US Cantor Fitzgerald is the sponsor of the blank check company. Once implemented the business combination, Twenty One’s majority will belong to Tether and Bitfinex (crypto exchange owned by iFinex, the same parent company that owns Tether) , while Japanese banking giant SoftBank Group will hold a relevant minority (see here the press release and here the investors’ presentation).
Twenty One and CEP also signed underwriting agreements with investors for raise a total of 585 million in additional capital at closing through the issuance of a 385 million senior secured convertible bonds and a 200 million private investment in public equity (PIPE) facility. Jack Mallers, the ceo and founder of leading Bitcoins exchange Strike, heads Twenty One which expects to start operations with 42,000 Bitcoins while acquiring a further amount of these with the net proceeds of the financing items.
Twenty One intends to develop a corporate architecture capable of supporting financial products built with and on Bitcoin. This includes native lending models, capital market instruments, and future innovations that will replace legacy financial tools with Bitcoin-aligned alternatives. As a pro-Bitcoin advocate, Twenty One plans to produce original Bitcoin-focused content and media. This pure-play approach will offer investors access to a public company that combines Bitcoin exposure with an operating business building Bitcoin-native products and services.
Mallers said: “Markets need reliable money to measure value and allocate capital efficiently. We believe Bitcoin is the answer and Twenty One is the messenger to the public markets. Our mission is simple: to become the most successful company in Bitcoin, the most valuable financial opportunity of our time. We are not here to beat the market, but to build a new one. A public stock, built by Bitcoiners, for Bitcoiners”.
Ardoino, the ceo of Tether, added: “Bitcoin is one of the only truly decentralised, immutable and censorship-resistant assets, and its role as the foundation of a new financial system is inevitable. With Jack at the helm, we are proud to support this effort to promote the adoption of Bitcoin and strengthen its role as the ultimate store of value. We are also proud to become a significant shareholder in Juventus, a club with a history, brand and fan base that is second to none. This investment is not just financial; it is a commitment to innovation and long-term collaboration. Tether is also willing to participate in any future capital injections to help strengthen Juventus’ financial foundations and avoid dilution of its position“.
Tether also successfully concluded two other deals in the last two days. One was the conclusion of the tender offer that launched in March 2025 on 70% of NYSE-listed Adecoagro, a South American sustainable agricolture company that ceo Mariano Bosch heads and that owns more than 210000 hectares of land and several industrial plants in Argentina, Brazil and Uruguay and produces above 2.8 million tonnes of agricultural products and over one million MWh of electricity out of renewable energy (see here the press release). Tether acquired 49.6 million shares of Adecoagro for more than 615 million. The second deal was a strategic investment in Fizen Limited, a fintech company specializing in cryptocurrency wallets and digital payments, founded by Leo Vu (see here the press release).
Previously, in March 2025, Tether had announced the acquisition of a 30.4% stake of Be Water, the controlling shareholder of Chora Media and Will Media, two Italian media platforms for Instagram contents. The buyer carried on such deals through the subscribtion of a 10 million euros capital increase and purchased shares from Sugar Holdings, the holding of music talent scout Caterina Caselli and her son Filippo Sugar, which sold its interest in the targets after a 2023 investment (see here a previous post by BeBeez).
In 2024, Tether poured 775 million US Dollars in video platform Rumble (see here the press release) and 200 million in Blackrock Neurotech, a company specialising in brain-computer interface technology (see here the press release).
These figures should not come as a surprise, since in 2024 Tether reported profits in excess of $13 billion with U.S. Treasury securities in its portfolio of $113 billion (see here the press release about 2024 financials). However, the company has not hired any auditor for reviewing its books.. That said, the cashl is there, as the aforementioned investments have been duly paid for and the two co-founders appear on Forbes‘ billionaire list (87th place for Devasini with $22.4 billion in assets and 295th place for Ardoino with $9.5 billion). Meanwhile, the group last January moved its headquarters to El Salvador (see here the press release).
