Make Kitco Your Homepage

Crypto SWOT: Crypto Companies Have Committed Millions to Sports Marketing

Commentaries & Views


  • Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Flow, rising 47.93%.

  • Cryptocurrency companies have committed more than $2.4 billion to sports marketing in the past 18 months, according to data compiled by Bloomberg. Binance Holdings has signed contracts with soccer icon Cristiano Ronaldo and the Africa Cup of Nations (AFCON) tournament, while Coinbase Global has struck agreements with the NBA and top star Kevin Durant. FTX in the Bahamas has arrangements with Major League Baseball and franchises ranging from the NBA’s Miami Heat to e-sports, writes Bloomberg.  

  • Bitcoin rose as global stocks neared a two-month high and in advance of the U.S. payrolls report. Bitcoin climbed as much as 4% to $23,422 on Friday, staying within the range of around $19,000 to $25,000 that it has held since mid-June.


  • Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was Qtum, down 15.93%.

  • Skeptics who are betting against MicroStrategy’s Bitcoin strategy are piling onto positions that the company’s latest rebound will flame out. A record 51% of MicroStrategy’s available shares are currently sold short, carrying a notional value of $1.35 billion, according to an article published by Bloomberg. In related news, CEO Michael Saylor announced this week that he is stepping down as CEO of MicroStrategy to focus solely on the position of Executive Chairman. The company’s president, Phong Le, will take the role from Saylor.

  • Hedge fund billionaire Steve Cohen exited his investment in cryptocurrency trading startup Radkl. The quantitative crypto trading firm, which was formed last year, has already lost at least two managing directors in 2022, writes Bloomberg.


  • Luxury fashion brand Gucci is now accepting ApeCoin payments through Bitpay at select stores in the U.S. ApeCoin is the cryptocurrency affiliated with the Bored Ape Yacht Club, an NFT created by Yuga Labs. Gucci will become the first merchant to accept ApeCoin through Bitpay, a payment service provider that has been in operation since 2011, writes Bloomberg.  

  • Bets in the options market suggest speculators see $25,000 as a ceiling for Bitcoin and $20,000 as a floor. This is due to a high number of outstanding call and put contracts at those strike prices, according to data compiled by CoinGlass.

  • Crypto platform Voyager Digital LLC, which filed for bankruptcy protection last month, said it expects to resume user access to the app for cash withdrawals next week. The withdrawal is anticipated to start August 11 for dollar holdings only, according to an article published by Bloomberg.  


  • The SEC this week charged 11 individuals for their roles in creating and promoting Forsage, a fraudulent crypto pyramid and Ponzi scheme. The scheme raised more than $300 million from retail investors worldwide, including in the United States, according to the announcement on the SEC website.  

  • Nomad, a bridge protocol for transferring crypto tokens across different blockchains, lost close to $200 million in a security exploit on Monday. The software system was drained of funds over hours and in small batches by various accounts, blockchain data shows. The attack makes Nomad the latest bridge to suffer an exploit this year, writes Bloomberg.  

  • Hackers targeted the Solana ecosystem early Wednesday, with thousands of wallets affected, in the latest hit to the cryptocurrency market. A reported $5.2 million in crypto assets have been stolen so far, from more than 7,900 Solana wallets, according to blockchain forensics firm Elliptic, writes Bloomberg.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.