Cryptocurrency and sports cooperation have flourished in the past four years, especially in the football industry. According to research data from CoinGecko, global cryptocurrency companies have reached 33 sponsorship agreements with football clubs since 2021. This phenomenon reflects the high importance that cryptocurrency companies place on sports sponsorship and their desire for the mass market.
These sponsorship agreements include globally renowned football clubs such as Manchester United and Chelsea, whose brand influence allows cryptocurrency companies to reach millions of fans. At the same time, major sports events such as the UEFA Champions League and FIFA World Cup attract billions of viewers worldwide, further increasing the exposure of cryptocurrency companies in the international market. This cross-industry collaboration has had a profound impact on the cryptocurrency market and the football world, allowing cryptocurrency technology to enter the mainstream.
From the sponsorship peak in 2021 to the recovery in 2024, the number of cryptocurrency sponsorships in sports events is as follows:
2021-2024 Cryptocurrency Sponsorship Ranking in Sports Events
In 2021, the cryptocurrency market experienced a bull market, and cryptocurrency companies actively entered the sports sponsorship market, reaching up to 33 new partnerships with major sports leagues. This cryptocurrency frenzy made companies like FTX and Crypto.com major sponsors, signing important agreements with various sports projects. For example, Crypto.com acquired the naming rights of the Staples Center, the home of the Los Angeles Lakers, for $700 million, renaming it the “Crypto.com Arena,” which attracted widespread attention. Similarly, FTX sponsored the well-known esports team, Team SoloMid, for $210 million.
However, as the cryptocurrency market bubble burst in 2022, cryptocurrency market capitalization plummeted by 70% to 85%, leading to a significant decrease in the number of new sponsorship agreements. The collapse of FTX also severely affected the entire sports sponsorship market, leading to the termination of its partnership with the Miami Heat. Nevertheless, there were still some large-scale collaborations in 2022, such as the $150 million partnership between Bybit and Red Bull Racing, and the $100 million sponsorship agreement between Vechain and UFC.
Due to the deep bear market in the cryptocurrency industry, the prospects did not improve in 2023. Only 8 new sponsorship agreements were signed, while the number of renewals reached 14. The impact of the collapse and FTX still existed, and investors and companies were extremely cautious about large financial commitments. However, OKX still reached a $70 million contract with Manchester City.
However, in 2024, the cryptocurrency market began to show signs of recovery, with a total of 26 new sponsorship agreements reached. This indicates that cryptocurrency companies are slowly returning to the sports sponsorship industry, attempting to regain market confidence through long-term collaborations. Crypto.com once again signed a sponsorship agreement with the UEFA Champions League in 2024, while BlockDAG reached a $10 million partnership with Borussia Dortmund (BVB) in the Bundesliga.
Football: The Major Industry for Cryptocurrency Sponsorship
Football has become the preferred industry for cryptocurrency companies to engage in sports sponsorship. Starting from 2021, cryptocurrency companies actively reached partnership agreements with major football clubs, including Manchester United, Chelsea, Inter Milan, Manchester City, and Galatasaray. Cryptocurrency companies also sponsor globally renowned football events such as the UEFA Champions League and FIFA World Cup, attempting to reach a larger international audience through the extensive influence of these major events.
In 2021, cryptocurrency companies reached 9 sponsorship agreements in the football industry, which increased to 10 in 2022. Although the number decreased to 3 in 2023 due to the market downturn, it rose again to 10 in 2024. This indicates that as the market gradually recovers, cryptocurrency companies still have a strong interest in football sponsorship.
It is worth mentioning that Crypto.com continues to expand its influence in the football industry. In addition to its partnership with the UEFA Champions League, the company has become the official sponsor of the FIFA World Cup and the Australian Football League, and in 2024, it became the official partner of the UEFA Champions League.
Motives of Cryptocurrency Companies Sponsoring Football
Cryptocurrency companies are enthusiastic about sponsoring football and other sports projects for several core reasons.
These sponsorships provide cryptocurrency companies with global brand exposure opportunities. As one of the most popular sports in the world, football has a huge international audience. By sponsoring top clubs and events, cryptocurrency companies can promote their brands to millions of fans.
These sponsorships help cryptocurrency companies enhance the legitimacy and credibility of their brands. Due to the volatility of the cryptocurrency market and its association with high-risk investments and fraudulent activities, collaborations with well-known sports brands help dispel doubts and increase the public’s trust in cryptocurrency companies.
Sports sponsorships also promote fan engagement. Cryptocurrency companies can utilize these opportunities to promote their products such as NFTs and fan tokens, deepen interaction with fans, and encourage more people to participate in the cryptocurrency ecosystem. Through these innovative marketing methods, cryptocurrency companies can make it easier for traditional sports fans to understand and access cryptocurrency technology.
Challenges and Opportunities in the Future
Although the cooperation between cryptocurrency companies and football clubs is deepening, the sustainability of this sponsorship model still faces challenges. The market’s instability, coupled with the bankruptcy of some cryptocurrency companies like FTX, poses risks to the stability of sponsorship partnerships. For cryptocurrency companies, maintaining the stability of sponsorship relationships in market fluctuations and continuously enhancing brand influence will be a major challenge in the future.
However, with the gradual recovery of the cryptocurrency market, cryptocurrency companies still have opportunities to achieve broader market penetration through sports sponsorships. As one of the most influential sports in the world, football remains an ideal platform for cryptocurrency companies to enter the mainstream market. As long as cryptocurrency companies can seize this opportunity, continue to expand their brand influence, the future cooperation between cryptocurrency and football is expected to bring more innovation and business opportunities.
This article is authorized for reprint from Cryptocity.
