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Crypto Ads Starring Matt Damon, Tom Brady Vanish From Television

Coinbase and others ratchet down their marketing as asset values fall, revenue shrinks.

A Crypto.com advertisement in Los Angeles earlier this year. 

A Crypto.com advertisement in Los Angeles earlier this year. 

Photographer: Bing Guan/Bloomberg
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Matt Damon’s pitch to invest in crypto has disappeared from US television sets. Same goes for glitzy commercials starring LeBron James and Tom Brady.

The drop in national TV marketing by the industry in the US has coincided with the selloff in Bitcoin and other crypto assets, according to the TV-ad measurement company ISpot.tv Inc., which tracks the spots. Damon’s commercial for Crypto.com, which ends with him uttering “fortune favors the brave,” last aired in February during the Super Bowl. The four-month national campaign cost an estimated $65 million, according to ISpot, exceeding the outlays by others in investment services, including giants such as Fidelity and Vanguard, over the same stretch.