• Loading stock data...
Monday, September 15, 2025
One Day till Tuned In! Get a Last Second Ticket!

Crypto Companies Hit Brakes on Sports Deals Amid Crash

  • Crypto companies have pulled out of sports sponsorship deals amid the market crash.
  • Bitcoin and Ethereum are down over 69% since November.
FTX-MLB
Ron Chenoy-USA TODAY Sports

Cryptocurrencies have crashed in value since late last year, and the fallout is impacting sports sponsorships.

Two high-profile deals between teams and crypto exchanges have reportedly fallen apart due to the value drop, according to the New York Post.

  • In the past few weeks, FTX suspended talks with the Los Angeles Angels on a jersey patch deal.
  • A patch deal between a crypto company and the Washington Wizards was also scuttled. With crypto companies spending heavily on lobbying, the Wizards, who play in the nation’s capital, are considered especially valuable real estate.

The prices of bitcoin and ethereum, the two most valuable cryptocurrencies, have respectively dropped by 69.1% and 76.7% since their November peaks.

Shopping Spree Stopped

The pullback comes after a period when crypto companies poured billions into sports sponsorships. 

FTX and Crypto.com both inked high-profile arena naming rights deals, with FTX securing the Miami Heat’s home in March 2021 in a 19-year, $135 million deal, and Crypto.com landing the arena of the Los Angeles Lakers, Clippers, Kings, and Sparks, in a reported 20-year, $700 million deal in November.

In the 2021-22 NBA season, crypto companies jumped to the second-biggest spenders — with $100 million to $150 million in sponsorship deals — after placing 43rd the previous season.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

PHILADELPHIA, PENNSYLVANIA - APRIL 19: A detailed view of the MLB Debut patch on the jersey of Patrick Monteverde #44 of the Miami Marlins prior to game against the Philadelphia Phillies at Citizens Bank Park on April 19, 2025 in Philadelphia, Pennsylvania.

The Tiny Jersey Patch at the Center of the MLB Rookie Card..

Autographed cards containing a piece of baseball history have upended the market.

Eagles-Chiefs Super Bowl Rematch Could Set More NFL Ratings Records

Fox will nationally televise Sunday afternoon’s matchup.
Mar 3, 2025; Miami, Florida, USA; Miami Heat guard Terry Rozier (2) warms up prior to the game against the Washington Wizards at Kaseya Center.

Hornets Cancel Sports Betting Night Vs. Heat Over Terry Rozier Tie-In

Terry Rozier is under federal investigation for point-shaving in a 2023 game when he was on the Hornets.

ESPN’s ‘MNF’ Ratings Up 8% As NFL Surges to Strong Start

ESPN posts its second-best Week 1 “Monday Night Football” audience.

Featured Today

Sep 7, 2025; Orchard Park, New York, USA; Buffalo Bills fans react during the fourth quarter against the Baltimore Ravens at Highmark Stadium.

As Bills Ascend, Their Next Frontier Lies in Canada

Buffalo and the powerful Canadian entity MLSE come together in a new pact.
opinion
September 9, 2025

The Good, The Bad, and The Ugly from NFL’s Week 1 Broadcasts

Many viewers decried the addition of ads to “NFL RedZone.”
Aug 23, 2025; Tampa, Florida, USA; Buffalo Bills quarterback Josh Allen (17) leads the team onto the field for warm ups before a game against the Tampa Bay Buccaneers at Raymond James Stadium.
September 7, 2025

Slow Burn: The NFL’s Private-Equity Era So Far

Three deals have been struck to date. But the league is bullish.
Tennis
September 5, 2025

The US Open Is Groaning Under the Weight of Its Own Success

New York’s tennis major is more popular than ever.

American Celebs Want to Be Sports Owners. Soccer Is Where They Start

As U.S. team prices climb, investors set their sights abroad.
June 24, 2025

Timberwolves’ 4-Year Ownership Saga Ends As A-Rod, Lore Take Over

The unanimous approval brought a clean end to a long-disputed transaction.
Apr 26, 2025; San Francisco, California, USA; Houston Rockets guard Fred VanVleet (5) before game three of first round for the 2024 NBA Playoffs against the Golden State Warriors at Chase Center.
June 25, 2025

Rockets Get $20 Million in Wiggle Room From New VanVleet Deal

VanVleet first signed with the Rockets in 2023.
Sponsored

How World Series Champ Dexter Fowler Became a Premier League Team Owner

Dexter Fowler discusses navigating retirement and embracing new roles as an owner & investor.
April 20, 2025

Max Verstappen Linked to $300M Aston Martin Deal Ahead of Miami GP

Aston Martin is currently seventh in the constructors championship.
March 27, 2025

Peyton Manning’s Omaha Productions Gets PE Boost

The Hall of Famer’s company gains another prominent backer.
March 20, 2025

High School Sports Power Signs Eight-Figure Rights Deal in First

The deal pays roughly $1 million annually, FOS has learned.
March 20, 2025

Maxx Crosby’s Agent: Edge Rushers Set to Dominate NFL’s Non-QB Market

Maxx Crosby just signed a three-year, $106.5 million extension.