Red Bull loses one of its key sponsors ahead of its 2025 season
After Red Bull revealed the list of its official sponsors, it has emerged that the Milton Keynes-based outfit's three-year sponsor deal with cryptocurrency firm Bybit ended.
Red Bull announced Bybit as its principal partner back in 2022 , and the multi-year agreement represented the single largest per-annum cryptocurrency venture in international sport.
The Bybit logo featured Red Bull's cars in the past three years, and the deal was believed to be worth $50 million USD per year, meaning the total cost over the length of the contract was $150 million USD.
Bybit was established in March 2018, and it has grown exponentially over the past years and now boasts more than six million registered users worldwide. The agreement saw the cryptocurrency firm work with Red Bull across a broad spectrum of its activities. In addition, Bybit worked in two expanded capacities – as cryptocurrency exchange partner and as the Tech Incubator Partner.
The latter saw Bybit work with Red Bull on a range of crypto-inspired initiatives from crypto-literacy to promoting the growth of green technologies.
After Red Bull revealed the list of its sponsors for the upcoming season, it has emerged that its three-year sponsor deal with Bybit has not been extended, with the cryptocurrency firm having been removed from the sponsors list.
Red Bull's biggest sponsor, Oracle appears to have stayed with the Milton Keynes-based outfit. The US technology company serves as title sponsor, with the deal believed to be worth $100 million per year.
