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The century-old bond between Italy’s powerful Agnelli family and Juventus Football Club just got its first major test from the crypto world—and the family’s response could reshape how soccer clubs navigate the intersection of traditional ownership and digital-age capital.

John Elkann, the CEO of Agnelli family holding company Exor, told Reuters on Nov. 7 that the Agnelli family has “no intention” of selling its shares in Juventus, even as Tether—a cryptocurrency stablecoin pegged to the U.S. dollar that provides a stable and less volatile digital asset—has quietly acquired a stake exceeding 10% this year.

But…