How much sponsorship has the sports industry received from the crypto sector?
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How much sponsorship has the sports industry received from the crypto sector?
Between 2021 and 2024, 92 cryptocurrency sponsorships have been signed in the sports industry.
Navigating Web3 tides with focused insightsAuthor: Prem Reginald, Coingecko
Translation: Dengtong, Jinse Finance
The world of cryptocurrency and sports sponsorship has been on a wild ride. During the 2021 bull market, crypto companies dove headfirst into sponsoring some of the biggest sports teams and events. However, when the market turned sour in 2022, sponsorship activity began to decline, wiping out 70–85% of the crypto market cap. Moreover, the collapse of FTX—once a major player in sports sponsorships—further accelerated this downturn. Has the industry regained momentum in 2024?
How Much Crypto Sponsorship Exists in Sports?
As of September 2024, there have been 92 crypto-related sponsorship deals signed across sports from 2021 to 2024. Below is a breakdown of sponsorship agreements signed each year.
2021: The Boom of Crypto Sponsorship
2021 marked the peak of cryptocurrency involvement in sports, fueled by the bull market. A total of 33 new sponsorship agreements were reached across various sports leagues—an amount representing 35.9% of all deals signed between 2021 and 2024. FTX and Crypto.com were key contributors, each finalizing more than five new agreements during the year. The largest deals included Crypto.com’s $700 million naming rights acquisition for Staples Center (renamed Crypto.com Arena) and FTX’s high-profile $210 million sponsorship deal with esports team Team SoloMid.
Other notable partnerships included Zytara’s $100 million sponsorship of Inter Milan and FTX’s $135 million agreement with Major League Baseball (MLB). These deals represented strategic moves by crypto firms to gain mainstream attention and adoption.
2022: After the Crash
In 2022, the crypto bubble burst, causing new deals to drop to just 25, while 11 existing sponsorship agreements remained active. FTX, once a key participant in sports sponsorships, suffered a devastating collapse that dealt a major blow to the sector, resulting in terminated deals such as its partnership with the Miami Heat.
Nonetheless, several large-scale sponsorships emerged that year. Bybit signed a $150 million agreement with Red Bull Racing, and VeChain secured a $100 million deal with the UFC. Overall, however, the pace of new deals slowed significantly due to plummeting token values and growing skepticism toward the industry, making it difficult for companies to sustain operations.
2023: Further Decline
By 2023, the outlook had not improved amid a prolonged bear market. Only eight new sponsorship agreements were signed, though 14 existing deals were renewed. The aftermath of the crash and the FTX fallout lingered, leaving investors and companies extremely cautious about major financial commitments. Still, OKX managed to strike a $70 million deal with Manchester City.
The reduction in new deals reflected ongoing market uncertainty, but companies like OKX continued investing in long-term partnerships.
2024: A Slow Recovery
Interestingly, 2024 saw a slight rebound, with 26 new sponsorship agreements signed and 16 previous deals still active. However, this accounts for only 28.3% of all sponsorship deals signed over the past four years. Crypto.com signed a second sponsorship deal with the UEFA Champions League, while BlockDAG entered a $10 million agreement with German Bundesliga club Borussia Dortmund (BVB). While the number of new sponsorships hasn't surpassed 2021 levels, the uptick in activity signals that crypto companies are gradually returning to the sports arena.
Crypto Sponsorships Across Sports Events
Football
Since 2021, football has been a primary target for crypto sponsorships. That year saw nine new deals, followed by 10 in 2022, a sharp drop to just three in 2023, and a rebound to 10 in 2024. Early adopters included clubs such as Manchester United, Chelsea, Inter Milan, Manchester City, and Galatasaray. Crypto firms also targeted global events like the UEFA Champions League and FIFA World Cup to tap into football’s massive international fanbase.
Motorsports
Motorsports, particularly Formula 1 (F1), have also become a hotspot for crypto sponsorships. There were nine new sponsorship agreements in 2021, declining to six in 2022 and three in 2023. In 2024, only three new deals were finalized. Notable agreements include Crypto.com’s $100 million deal as the official crypto partner of Formula 1—one of the sport’s largest contracts. Bybit’s $150 million deal with Red Bull Racing in 2022 solidified the link between crypto and motorsports. Additionally, FTX signed a multi-year agreement with Mercedes F1 Team.
Esports
Esports have drawn significant interest from crypto companies. New deals remained steady at four in both 2021 and 2022 before dropping to just one in 2023. However, 2024 brought a positive turnaround with as many as seven new agreements. A standout deal was FTX’s $210 million sponsorship of Team SoloMid in 2021. Coinbase partnered with BLAST Premier to sponsor major Counter-Strike: Global Offensive (CS:GO) tournaments, recognizing its deep influence within gaming communities. In 2023 and 2024, Thunderpick emerged as a leading sponsor, supporting teams like Evil Geniuses and Heroic in organizing Counter-Strike 2 tournaments.
Basketball
Basketball, especially the NBA, thrived in crypto sponsorships in 2021, with six new agreements signed. However, no new deals were made in 2022, and only one each in 2023 and 2024. Despite this, the sport received major backing when Crypto.com acquired the naming rights to Staples Center for $700 million in 2021. Prior to its collapse, FTX had a $135 million naming rights deal with the Miami Heat’s arena, while Coinbase joined the trend by sponsoring both men's and women's leagues. The crypto exchange also signed an advertising deal with Kevin Durant.
Sports with the Most Crypto Sponsorships
The ranking of sports by number of crypto sponsorships from 2021 to 2024 is as follows:
Major Deals and Partnerships
FTX: The Most Active Sponsor
Prior to its 2022 collapse, FTX was one of the most aggressive crypto companies in sports sponsorships. In 2021, it signed landmark agreements including a $210 million sponsorship with esports team Team SoloMid and a $135 million deal with Major League Baseball (MLB). FTX also partnered with NBA teams, securing a $135 million naming rights agreement with the Miami Heat’s arena and a $10 million sponsorship of the Golden State Warriors. Additionally, FTX entered motorsports with a Formula 1 partnership with Mercedes. However, FTX’s downfall disrupted many of these relationships, forcing sports organizations to scramble for replacements.
Crypto.com’s Broad Influence in Sports
Crypto.com has emerged as one of the most dominant players in sports sponsorships, building partnerships across multiple sports and regions. Its investments span motorsports, basketball, football, and more:
Basketball
In 2021, Crypto.com secured naming rights to the Los Angeles Lakers’ home arena, Staples Center, in a historic $700 million deal—one of the largest sports sponsorships ever.
Motorsports
Crypto.com strengthened its ties with motorsports by partnering with Aston Martin’s Formula 1 team and sponsoring Formula 1 itself for $100 million in 2021. It also sponsored the 2022 Formula 1 Miami Grand Prix, further cementing its presence in the racing world.
Football
Football became another focus for Crypto.com. In 2021, it sponsored the Coppa Italia, with highlights from the match between Atalanta and Juventus minted as NFTs. Its football sponsorships continued into 2022, supporting the FIFA World Cup and the Australian A-League, and in 2024 it became an official sponsor of the UEFA Champions League.
Combat Sports
Crypto.com also ventured into combat sports, signing a deal with the UFC in 2021, highlighting its interest in mixed martial arts.
Bybit and Red Bull Racing
In 2022, Bybit signed a $150 million sponsorship deal with Formula 1’s Red Bull Racing team, solidifying its position in motorsports. The three-year partnership made Bybit one of the largest crypto sponsors in the sport.
Coinbase
Coinbase expanded its footprint across various sports, signing multiple sponsorship agreements in 2021 and 2022. In 2021, Coinbase entered the esports space via a sponsorship deal with BLAST Premier and signed NBA star Kevin Durant. It further moved into traditional sports by partnering with the Women’s NBA and signing a sponsorship deal with Borussia Dortmund (BVB) in 2022 to boost its visibility in European football.
Top Crypto Companies with the Most Sports Sponsorships
The top crypto companies with the most sports sponsorships from 2021 to 2024 are listed below:
Successful and Failed Partnerships
Success Stories
Despite market volatility, certain partnerships have stood the test of time, proving that crypto companies can still make a lasting impact in sports. Here are some thriving collaborations and why they stand out:
Crypto.com’s Diversified Portfolio and Sustained Global Reach
Crypto.com has established itself as a global powerhouse in sports sponsorships. Its agreements span multiple sports and align with elite leagues such as Formula 1, UFC, and football competitions with vast international followings. These deals have enabled Crypto.com to engage millions of fans worldwide, building strong brand loyalty. Even after market crashes, many of these partnerships endured, underscoring the resilience of its strategic investments.
Bybit’s Firm Footing in Formula 1
Bybit’s $150 million sponsorship deal with Red Bull Racing in 2022 was a major win for the crypto exchange. As Formula 1 gains increasing global popularity, the partnership gave Bybit access to a wealthy, tech-savvy audience, helping solidify its market position.
OKX’s Strategic Move into Football
Despite the crypto market downturn, OKX successfully secured a major $70 million sponsorship deal with Manchester City in 2023. By aligning with one of the world’s biggest clubs, OKX boosted its brand visibility across Europe and globally.
Failed Partnerships
FTX’s Collapse and Fallout
FTX was one of the most active participants in sports sponsorships, but its dramatic collapse in 2022 led to the termination of multiple partnerships. Team SoloMid was hit hardest, losing its $210 million deal. Additionally, the Miami Heat’s arena had to seek a new sponsor after FTX canceled its $135 million naming rights agreement. MLB’s $135 million deal also fell through, impacting its expected revenue stream.
Voyager’s NASCAR Sponsorship
Crypto lending firm Voyager filed for bankruptcy in 2022, causing its sponsorship deal with NASCAR to be terminated. Voyager’s collapse not only left its customers in financial turmoil but also invalidated its NASCAR partnership, marking another failed collaboration in the crypto-sports space.
Terra’s Sponsorship of the Washington Nationals (Baseball)
The $38.2 million deal between Terra and the Washington Nationals in 2022 collapsed following Terra’s downfall. The partnership aimed to promote Terra’s stablecoin $UST, but never fully materialized after the company declared bankruptcy.
Why Do Crypto Companies Sponsor Sports Teams?
The surge in crypto company sponsorships of sports since 2021 can be attributed to several key motivations. While traditional sponsorships typically aim to boost brand awareness and customer engagement, crypto firms enter the sports arena for unique reasons. Below is a breakdown of the core drivers behind these partnerships:
Brand Awareness and Visibility
One of the primary reasons crypto companies sponsor sports teams is to increase their brand visibility among a broad global audience. Sporting events—especially high-profile ones like Formula 1, UEFA Champions League, NBA, and FIFA World Cup—attract millions of viewers worldwide. By aligning with these major events, crypto brands can showcase their logos, messaging, and identity to diverse audiences.
Legitimacy and Trust
The crypto industry has long faced public skepticism due to its volatility and associations with high-risk investments and scams. Sponsoring well-known sports teams or events lends a sense of legitimacy to crypto companies. Partnering with reputable sports brands allows them to present themselves as credible and stable enterprises.
Fan Engagement and Adoption
Sports fans are passionate and highly engaged, making them an ideal audience for crypto companies seeking deeper connections and driving product adoption. Through sponsorships, crypto platforms can directly promote NFTs (non-fungible tokens), fan tokens, and other blockchain products to fans. This bridges the gap between sports enthusiasts and digital assets, encouraging fan participation in crypto ecosystems.
Global Reach
Cryptocurrencies are inherently global, and sponsoring sports with international followings enables these companies to expand into new markets. Sports sponsorships offer unparalleled access to global audiences, helping crypto brands transcend geographical boundaries and reach customers beyond traditional tech circles.
Innovative Marketing Opportunities
Sponsorships also allow crypto companies to explore innovative marketing avenues, such as offering exclusive NFTs, discounts, or crypto rewards to sports fans. These interactions create new touchpoints where potential users can explore cryptocurrencies in a more accessible and engaging way.
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