Cryptocurrencies

Crypto Firms Are Still Investing Big in Sports

From the NBA to Formula 1, digital-asset companies are continuing to press into sports advertising, despite the slump in virtual currencies.

Chelsea's English midfielder Raheem Sterling, left, vies with Tottenham Hotspur's English defender Eric Dier during the English Premier League football match in London on Aug. 14. — Chelsea's English midfielder Raheem Sterling, left, vies with Tottenham Hotspur's English defender Eric Dier during the English Premier League football match in London on Aug. 14.
Photographer: Glyn Kirk/AFP/Getty Images

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By Victoria Vergolina

September 2, 2022 at 9:00 AM UTC

This article is for subscribers only.

If you’re a fan of the Chelsea football team, then you might have already spotted a curious little whale on the sleeves of Raheem Sterling and his teammates. The unassuming logo is part of a £20 million ($23 million)-a-year deal between the soccer club and the cryptocurrency platform WhaleFin. And it’s a big departure from the team’s previous sponsor Hyundai Motor, whose brand logo was featured on Chelsea jerseys for years.

Crypto companies have spent more than $2 billion on sports advertising around the world. The NBA, Major League Baseball, Formula 1, and even the Drone Racing League have crypto sponsors. But in a market downturn, how long will these big investments in sports last?