San Antonio Spurs Partner with Ledger in 20% Rise of Crypto Sports Deals

The San Antonio Spurs, a professional basketball team, has entered into a multi-year sponsorship agreement with Ledger, a Paris-based digital asset security company. This partnership is the latest indication of a resurgence in crypto sports partnerships, with the Spurs' new jerseys featuring a Ledger-branded patch. Ledger's CEO, Pascal Gauthier, highlighted the strategic importance of this deal, noting that the U.S. is Ledger's top market globally. The partnership also aims to boost the Spurs' community engagement efforts in France, leveraging the team's deep French connection, including its star center Victor "Wemby" Wembanyama, who is from France.

Ledger's sponsorship of the Spurs is part of a broader trend of crypto companies increasing their spending on sports sponsorships. According to a recent report, crypto companies' spending on sports sponsorships increased by 20% to $565 million for the 2024/25 season on a year-over-year basis. Football-related initiatives accounted for more than half of new sponsorship deals. Notable deals include Tether's purchase of a stake in Italian soccer team Juventus and trading platform Gate's sponsorship of Formula One team Red Bull Racing. Uniform branding deals, like Ledger's partnership with the Spurs, are a popular way for digital assets companies to sponsor athletics teams, accounting for 37% of all crypto sports partnerships.

This resurgence in crypto sports partnerships marks a significant reversal from late 2022, when Web3 firms pulled back on or cancelled their partnerships due to difficult crypto market conditions precipitated by FTX’s collapse. During that time, FTX’s partnerships with the MLB, Formula One, and the NBA crumbled. The recent increase in sports sponsorships indicates a renewed confidence in the crypto industry and its potential for growth and innovation in the sports sector. The partnership between Ledger and the San Antonio Spurs is a testament to the growing acceptance and integration of cryptocurrency in mainstream industries, particularly in sports. This collaboration not only benefits both parties but also sets a precedent for other crypto companies looking to enter the sports sponsorship arena. The deal underscores the potential for mutually beneficial relationships between technology and sports, fostering innovation and growth in both sectors.