The cryptocurrency firm Tether submitted a proposal to buy the stake held by the Agnelli family in Juventus, valuing the historic Italian club at €1.1 billion. However, the offer was rejected.

Tether made a cash offer to acquire the 65.4% stake held by Exor, the Agnelli family’s investment vehicle, paying €2.66 per share.

The proposal was promptly rejected by Exor, which has no plans to divest its investment in the Vecchia Signora.

“Juventus has been part of my family for 102 years. Over more than a century, four generations have helped the club grow, strengthening it, taking care of it in the most difficult moments and celebrating in the happy ones,” said Exor CEO John Elkann on Saturday.

Juventus shares surge 18%

Juventus shares surged 18.51% in Monday’s session, reaching €2.60. Even so, they are still down 13% since the beginning of the year.

Tether’s proposal comes at a time when the Agnelli family is reshaping its investment portfolio in response to disruptive changes in the automotive sector, which underpins the fortune of one of Italy’s most influential families.

Exor controls Ferrari and is the largest individual shareholder in Stellantis. Earlier this year, the holding company sold the truck manufacturing business Iveco to Tata Steel and Leonardo. It is also currently in talks to sell the media group Gedi Gruppo Editoriale to Greece’s Antenna Group.

Exor’s net asset value has more than tripled over the past decade, rising from €11 billion to €36 billion in June.