26 Crypto Sports Sponsorships Signed in 2024, a 38% Drop from 2021

It's been a wild ride between the crypto world and sports sponsorships. During the 2021 bull run, crypto companies dove headfirst into sponsoring some of the biggest sports teams and events. However, sponsorships dwindled when the markets hit the fan in 2022, wiping out 70-85% of the cryptocurrency market cap. In addition, the fall of FTX, once a major player in sports sponsorships, further accelerated the decline. But has the industry regained momentum in 2024?

How Many Crypto Sponsorships Are There In Sports?

As of September 2024, there have been 92* crypto sponsorships in sports signed between 2021 and 2024. Here's a breakdown of sponsorship deals signed across the years.

2021: The boom of crypto sponsorships

2021 marked the peak involvement of crypto in sports, which was fueled by the digital currency bull market. A total of 33 new sponsorship deals were forged across various sports leagues. This represents 35.9% of all sponsorship deals signed between 2021 and 2024. Out of that, FTX and Crypto.com were the major contributors, with more than 5 new deals during the year. The biggest deals were Crypto.com's $700 million deal for the naming rights of Staples Center to Crypto.com Arena and the eye-catching $210 million sponsorship by FTX with esports outfit Team SoloMid. 

Other major partnerships included a $100 million sponsorship by Zytara of Inter Milan and a $135 million deal by FTX with Major League Baseball. These deals were strategic moves by crypto companies to achieve mainstream attention and adoption.

2022: After the crash

The crypto bubble burst in 2022, causing new deals to sink to only 25, with 11 existing sponsorships still in effect. The collapse of FTX, formerly a key player in sports sponsorship, was a major blow to the industry, resulting in the cancellation of deals such as its partnership with the Miami Heat.

However, some big sponsorships were formed that year. Bybit secured a $150 million deal with Red Bull Racing, and Vechain inked a $100 million agreement with UFC. Overall, however, the rate of new deals decelerated as firms struggled to keep their heads above water during the sharp decline in token values and with growing skepticism about the industry in general.

2023: A further decline

By 2023, the outlook did not improve as crypto was in a deep bear market. Only 8 new sponsorships were signed, while renewals of existing deals amounted to 14. The effects of the crash and FTX fallout were still being felt, with investors and companies extremely gun-shy about large financial commitments. Nevertheless, OKX secured a $70 million deal with Manchester City.

This decrease in new deals indicated the continued uncertainty in the market, yet companies like OKX furthered their investment in longer-term partnerships.

2024: The slow recovery

Interestingly, 2024 saw a slight recovery: 26 new sponsorships signed, while 16 deals from previous years remained active. However, this is only 28.3% of all sponsorships signed over the past four years. Crypto.com made its second deal with a sponsorship for the UEFA Champions League, while BlockDAG sealed a $10 million deal with Borussia Dortmund of Germany's Bundesliga, known simply as BVB. The volume of new sponsorships has not surpassed the 2021 levels, but the uptick in activity suggests crypto firms are slowly re-entering the sports space.

Crypto sponsorships by sports

Soccer (Football)

Football has been a primary target for crypto sponsorships since 2021. That year saw 9 new deals, followed by 10 in 2022, a sharp drop to just 3 in 2023, and a rebound to 10 in 2024. Early adopters included clubs like Manchester United, Chelsea, Inter Milan, Manchester City, and Galatasaray. Crypto companies also targeted global events such as the UEFA Champions League and the FIFA World Cup in their bid to reach football's huge international audience.

Motorsport

Motorsport events, especially Formula 1 (F1), have been another hotbed for crypto sponsorships. There were 9 new sponsorship deals in 2021, which fell to 6 and 3 deals in 2022 and 2023, respectively. In 2024, only 3 new deals have been struck. Notable deals would include Crypto.com's $100 million deal as the official cryptocurrency partner of Formula 1 is among the largest contracts in the sport. Bybit's deal worth $150 million, inked with Red Bull Racing in 2022, really sealed the bond between crypto and motorsport events. Additionally, FTX also signed a multi-year deal with the Mercedes F1 team.

eSports

eSports also witnessed a sizable amount of interest from crypto firms. The new deals for 2021 and 2022 remained consistent at 4 deals before plunging to a single deal in 2023. However, it took a positive turn this year with up to 7 new deals. One of the prominent deals was FTX's $210 million sponsorship with Team SoloMid in 2021. Coinbase also sponsored the large Counter-Strike: Global Offensive (CS:GO) tournament with BLAST Premier for its deep presence in the gaming community. In 2023 and 2024, Thunderpick is a major sponsor that has supported teams like Evil Geniuses and Heroic while organizing a Counter-Strike 2 tournament.

Basketball

Basketball, especially the NBA, has been booming with crypto sponsorships in 2021 with 6 new sponsorship deals. However, no new deals panned out in 2022, and only a single deal was signed in 2023 and 2024. Nevertheless, the sport saw a huge sponsorship when Crypto.com purchased the naming rights on the Staples Center in a deal reportedly worth $700 million in 2021. FTX had one with the Miami Heat arena worth $135 million prior to its collapse, while Coinbase also jumped onto this bandwagon 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

Sports ranked by the number of crypto sponsorships between 2021 - 2024 as follows:

Major deals and partnerships

FTX: From top to bottom

FTX was one of the most aggressive crypto companies in the sports sponsorship space before its collapse in 2022. In 2021, FTX signed landmark deals, including a $210 million sponsorship with Team SoloMid (esports) and a $135 million deal with Major League Baseball (MLB). FTX also partnered with NBA teams, securing a $135 million naming rights deal with the Miami Heat's arena and sponsoring the Golden State Warriors for $10 million. Additionally, FTX ventured into motorsport with a deal for Mercedes in Formula 1. However, FTX’s collapse left many of these partnerships in disarray, with sports organizations scrambling to fill the void.

Crypto.com’s broad reach across sports 

Crypto.com became one of the most dominant players in sports sponsorships, establishing partnerships across multiple sports and regions. The company’s investments have spanned everything from motorsports to basketball and soccer:

Basketball

In 2021, Crypto.com secured a historic $700 million deal for the naming rights of the Staples Center, home of the Los Angeles Lakers, one of the largest sports sponsorships ever recorded.

Motorsport

Crypto.com strengthened its ties to motorsports by partnering with Aston Martin’s Formula 1 team and sponsoring Formula 1 itself with a $100 million deal in 2021. They also sponsored the Formula 1 Miami Grand Prix in 2022, further cementing their position in the motorsport world.

Soccer

Soccer became another key focus for Crypto.com. In 2021, they sponsored Coppa Italia to which the match highlights between Atalanta vs Juventus was also minted as NFTs. Their soccer sponsorships continued into 2022, with the company backing the FIFA World Cup and the Australian Football League, as well as becoming an official sponsor of the UEFA Champions League by 2024.

Combat Sports 

Crypto.com also ventured into combat sports, securing a deal with UFC in 2021, highlighting their interest in mixed martial arts.

Bybit & Red Bull Racing

In 2022, Bybit secured a $150 million sponsorship with Red Bull Racing in Formula 1, cementing its presence in the motorsport world. The 3-year partnership made Bybit one of the largest crypto sponsors in the sport.

Coinbase

Coinbase expanded its presence across various sports, signing multiple sponsorships in 2021 and 2022. In 2021, Coinbase entered the esports world with a sponsorship deal for BLAST Premier and also signed with NBA star Kevin Durant. Coinbase further ventured into traditional sports, partnering with the Women’s NBA and securing a sponsorship with Borussia Dortmund (BVB) in 2022, aimed at gaining exposure in European soccer.

Crypto companies with the most sports sponsorships

The top crypto companies with the most no. of sports sponsorships between 2021 - 2024 are as follows:

Successful and failed partnerships

Success stories

While the crypto market faced volatility, some partnerships have emerged as long-term success stories, demonstrating that crypto companies can still make a lasting impact in the world of sports. Here's a closer look at these thriving collaborations and why they stood out:

Crypto.com’s diverse portfolio and continued global presence

Crypto.com established itself as a global powerhouse in sports sponsorships. Its sponsorship deals were not limited to a single sport, but spanned multiple disciplines and aligned themselves with premium sports such as Formula 1, UFC, and soccer leagues with massive international fan bases. These deals allowed Crypto.com to engage with millions of fans globally, building strong brand loyalty. Despite the market crash, many of these partnerships have endured, highlighting the resilience of the brand’s strategic investments.

Bybit’s strong footing in Formula 1

Bybit’s $150 million sponsorship deal with Red Bull Racing in 2022 was a significant win for the crypto exchange. As Formula 1 gained more popularity globally, the partnership gave Bybit access to an affluent, tech-savvy fan base, helping it solidify its position in the market.

OKX’s strategic move into soccer

Despite the crypto market's decline, OKX successfully executed a major sponsorship deal with Manchester City in 2023, valued at $70 million. By aligning itself with one of the biggest clubs in the world, OKX increased its brand recognition across Europe and globally.

Failed Partnerships

FTX’s Collapse and Fallout 

FTX was one of the most aggressive players in sports sponsorships, but its dramatic collapse in 2022 led to multiple partnerships unraveling. Team SoloMid felt the biggest impact as their massive $210 million deal fell apart. Apart from that, Miami Heat’s Arena was left seeking new sponsors following the termination of FTX’s $135 million deal. Major League Baseball's $135 million deal went out in flames, impacting its revenue stream from the partnership.

Voyager’s NASCAR Sponsorship

Voyager, a crypto lending firm, faced bankruptcy in 2022, which led to the termination of its sponsorship deal with NASCAR. The collapse of Voyager not only left its customers in financial ruin but also voided its deal with NASCAR, marking another failed partnership in the crypto-sports space.

Terra’s Sponsorship of Washington Nationals (Baseball) 

Terra’s $38.2 million deal with the Washington Nationals in 2022 turned to dust following Terra’s collapse. The partnership, intended to promote Terra’s stablecoin, $UST, never fully materialized as the company declared insolvency.

Why do crypto companies sponsor sports teams?

The surge in sports sponsorships by cryptocurrency companies from 2021 onwards can be attributed to several key motivations. While traditional sponsorships typically aim to increase brand awareness and customer engagement, crypto companies have unique reasons for entering the sports arena. Here's 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 awareness among a broad, global audience. Sports, particularly high-profile events like Formula 1, UEFA Champions League, the NBA, and FIFA World Cup, attract millions of viewers worldwide. By aligning with these major events, crypto brands can place their logos, messaging, and identity in front of diverse audiences.

Legitimacy and trust

The cryptocurrency industry has long struggled with public skepticism due to its volatile nature and association with high-risk investments and scams. Sponsoring well-established sports teams or events provides crypto companies with an aura of legitimacy. Associating with reputable sports brands allows crypto companies 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 looking to foster deeper connections and drive the adoption of their products. Through sponsorships, crypto platforms can promote NFTs (non-fungible tokens), fan tokens, and other blockchain products directly to fans. This allows them to build a bridge between sports enthusiasts and the digital asset space, encouraging fans to participate in crypto platforms.

Global reach

Cryptocurrencies are inherently global, and sponsoring sports with international followings allows these companies to tap into new markets. Sports sponsorships provides unparalleled access to global audiences, helping crypto brands break through geographic barriers and reach customers beyond traditional tech circles.

Innovative marketing opportunities

Sponsorships also enable crypto companies to explore innovative marketing opportunities, such as offering exclusive NFTs, discounts, or crypto bonuses to sports fans. In turn, these engagements create new touchpoints where potential customers can explore cryptocurrency in a more approachable and engaging way.

Methodology

The study examined the number of cryptocurrency sponsorships in sports from January 2021 to September 2024. Data was compiled from press releases, and media outlets CoinTelegraph, CoinDesk, Decrypt, and X (formerly Twitter). *The number of cryptocurrency sponsorships in sports may be non-exhaustive.

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Curious to find out more about our previous research studies & statistics? Check out our Stablecoins Report 2024.