ByBit Ends Sponsorship with Red Bull Ahead of 2025 Season

    Jan 3rd, 2025

    Summary

    ByBit, the Dubai-based cryptocurrency platform, has opted not to renew its sponsorship deal with Red Bull for the upcoming 2025 Formula 1 season, concluding a three-year partnership valued at around $150 million. This decision is influenced by the uncertainties plaguing the crypto market, particularly in light of the U.S. presidential elections. Throughout their partnership, ByBit's branding was prominently displayed on Red Bull's cars, but rising scrutiny surrounding cryptocurrency sponsorships led to the abandonment of renewal talks.

    In response to the $50 million shortfall left by ByBit's exit, Red Bull is actively pursuing new sponsorship opportunities. This includes a multi-year agreement with online broker Avatrade, which will also support the team’s F1 Academy program. Additionally, video conferencing technology firm Neat has joined the fold, showcasing Red Bull's commitment to bolstering its branding amid shifting market dynamics. Fans can expect the announcement of further partnerships during the team's livery presentation scheduled for February, while the established deal with Oracle remains a significant sponsorship, valued at up to $100 million annually.

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