Let ##\alpha \in \mathbb{R}##. The exponential function is defined by its Taylor series
$$\exp(-\mathrm{i} \alpha S_y)=1+(-\mathrm{i} \alpha) S_y +\frac{(\mathrm{i} \alpha)^2 S_y^2}{2!} + \frac{(-\mathrm{i} \alpha)^3 S_y^3}{3!} + \cdots$$
Now ##\Theta## anticommutes with each factor ##(-\mathrm{i} \alpha)## and with each factor ##S_y##. So bringing the time-reversal operator ##\Theta## from the very left to the very right of each of the terms you have always an even number of factors ##(-1)## and thus nothing happens, i.e., you have
$$\Theta \exp(-\mathrm{i} \alpha S_y)=\exp(-\mathrm{i} \alpha S_y) \Theta.$$
This must be so, because a rotation doesn't change due to time reversals, i.e., you must have
$$\Theta \exp(-\mathrm{i} \vec{\phi} \vec{S}) \Theta^{-1}=\exp(-\mathrm{i} \vec{\phi} \vec{S}),$$
because in the time-reversed world time translations flip sign while spatial translations stay the same.
The same group-theoretical arguments lead also to the demand that ##\Theta## must be antiunitary, i.e., time-reversal must be realized as an antiunitary transformation. The same holds for space-time translations, i.e., under time reversal you must have for the energy and momentum
$$\Theta \mathrm{i} H \Theta^{-1}=-\mathrm{i} H, \quad \Theta \mathrm{i} \vec{p} \Theta^{-1}=+\mathrm{i} \vec{p}. \qquad (*)$$
Now energy is special. In order to have a stable ground state of your system the Hamiltonian must be bounded from below. So if the time-reversal operator is supposed to exist for your quantum system with ##H## also ##\Theta H \Theta^{-1}## must bebounded from below. To get this consistent with the symmetry property of ##\Theta## it thus must be realized as anti-unitary operator, because only then you get from the symmetry property (*) that
$$\Theta H \Theta^{-1}=+H,$$
i.e., the correct property that in the time-reflected system ##H## stays bounded from below.