Cryptocurrency exchange FTX has landed the naming rights to the field at California Memorial Stadium — home of the California Golden Bears — in a 10-year, $17.5 million deal.
It will be known as FTX Field at California Memorial Stadium.
The deal for FTX Field represents the first collegiate cryptocurrency naming rights sponsorship. As part of the $17.5 million deal, LEARFIELD will accept the full payment in cryptocurrency on behalf of the university.
The two entities will collaborate on on-field and press-related branding and “charitable initiatives,” particularly a fight against homelessness, for which FTX committed an additional $200,000.
FTX has completely flooded the sports landscape this year.
- It gained naming rights to the Miami Heat’s arena in a 19-year, $135 million deal.
- It became the official crypto partner of MLB and the first brand to advertise on an umpire patch.
- Tom Brady became a brand ambassador for the exchange in June, receiving an equity stake and an unspecified amount of cryptocurrency.
- It also struck a $210 million deal with esports team TSM for naming rights, rebranding the team to TSM FTX.
FTX closed a $900 million Series B funding round in July — the largest private funding fund in the crypto industry’s history — valuing the company at $18 billion.