Crypto Brands Increase Sponsorship Spend by 20%, Football and F1 Biggest Winners

Key Takeaways

• In the year to May, crypto brands increased their spending on sports sponsorships by 20%.
• Football and Formula 1 accounted for 71% of all deals.
• Meanwhile, spending on eSports is down 85% since 2022.

With the crypto winter of 2022 now well in the rearview, companies in the space have more cash to spend and have been more willing to invest in future growth and marketing.

Sports teams have been among the biggest beneficiaries of this trend. Research by SportQuake, shared with CCN, shows that in the year to May, crypto brands increased their sports sponsorship spending by 20% to $565 million.

Crypto Firms Sign Major Sponsorship Deals

Throughout the past year, some of the world’s largest crypto exchanges have signed tens of millions of dollars worth of sponsorship deals with sports teams and franchises.

High-profile sleeve deals include Kraken’s sponsorship of Atletico Madrid and Tottenham Hotspur, and Gate.io’s partnership with Inter Milan.

Meanwhile, Crypto.com signed a historic agreement to become the first-ever crypto sponsor for the UEFA Champions League.

The Champions League deal, which runs until 2027, cemented Crypto.com’s position as the industry’s biggest spender.

According to SportQuake, the Singapore-based crypto exchange’s 2024-2025 sponsorship spending climbed to $213 million.

In November, the firm also renewed its Formula 1 partnership until 2030, expanding its brand visibility across Grand Prix events.

Football and Formula 1 Drive Majority of Deals

Continuing the trend of previous years, football and Formula 1 generated the most sponsorship money, securing 43% and 28% of deal value, respectively.

Meanwhile, with its strong orientation toward the U.S. market, Coinbase doubled down on basketball, sponsoring the Golden State Warriors and deepening an existing partnership with the Los Angeles Clippers in 2024.

Crypto Retreats From eSports

Having previously been well-established in the space, crypto brands have pulled back significantly from eSports.

Overall spending on eSports sponsorships dropped to just $8 million in the year to May, from a high of $58 million in 2021/2022

However, after three years of declining sponsorship, there are signs that eSports partnerships may recover, and SportQuake projects deal value to bounce back to $16 million next year.

Early signs of a comeback include Coinbase’s recent deal with Riot Games that will see it sponsor League of Legends and VALORANT events.