Source: Cointelegraph Original: "{title}"
This Friday (March 14), the 2025 season of the Formula One World Championship (F1) kicks off in Melbourne, Australia. Among the 10 participating teams, only Mercedes and Ferrari do not have cryptocurrency companies on their sponsorship lists.
Notably, one of the world's leading cryptocurrency exchanges, Gate.io, has replaced Bybit this year as the official sponsor of the Red Bull Racing team, which has won the World Drivers' Championship eight times.
In 2022, Bybit signed a three-year contract worth up to $150 million with the Red Bull Racing team, which was the highest-value sports sponsorship deal in the history of cryptocurrency companies at that time. Therefore, Gate.io becoming the official sponsor of the F1 Red Bull Racing team is not only a significant victory in brand marketing but also an objective demonstration of financial strength.
Since Trump took office again last year, the cryptocurrency market has experienced a series of strong rallies before the recent fluctuations. At that time, as mainstream digital assets like Bitcoin reached new highs, the cryptocurrency industry was flush with funds, and many crypto companies began to increase their market investments, ramping up sponsorship of sports events.
According to SportQuake data, in the first two months of this year, cryptocurrency companies have completed 22 sports sponsorship deals, with an average value of $4.3 million. This is a significant increase compared to 18 deals during the same period last year, with an average value of $2.6 million.
Among various sports, football, motorsports, and esports are the most favored sponsorship directions for the cryptocurrency industry. For example, in football, there were 10 new sponsorship agreements in 2022; this sharply declined to 3 in 2023; and rebounded to 10 in 2024. Early recipients included clubs like Manchester United, Chelsea, and Manchester City. Cryptocurrency companies have also targeted global events such as the UEFA Champions League and the FIFA World Cup.
Sponsoring sports events worth tens of millions to hundreds of millions of dollars is not a small cost for any company. So why do companies still choose to spend big on sponsorships? Behind the sponsorship, in addition to enhancing brand awareness, there is a very obvious marketing logic: crowd economics.
Sports often have a strong gender bias, with audiences primarily consisting of young to middle-aged men. This characteristic aligns closely with the demographics of venture capitalists. Many cryptocurrency companies actively sponsor sports events because the audience composition of both is highly compatible, and successful conversion can bring a very high return on investment for the platform. Additionally, in terms of experience, the high tension and excitement of sports events share a high similarity with high-risk cryptocurrency investments.
Moreover, cryptocurrency companies can often explore innovative marketing opportunities in this process, such as offering exclusive NFTs, discounts, or crypto bonuses to sports fans. These interactions can create new touchpoints, allowing potential customers to explore the cryptocurrency industry in a simpler, more direct, and appealing way.
Through this sponsorship of the Red Bull Racing team, Gate.io's brand logo will appear in several key locations on the team’s cars, including the rear wing, front wing, headrest, wheel hub covers, chassis, and the team’s racing suits, as well as on the helmet of four-time F1 champion Max Verstappen.
Regarding the question of how much return sponsorship can bring, Gate.io's Chief Business Officer Kevin Lee believes that brand sponsorship should focus on long-term value accumulation rather than immediate conversion. F1 is one of the fastest-growing sports globally, and Gate.io hopes to strengthen the brand recognition of "cryptocurrency = Gate.io" through its connection with top global event IPs.
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