Major League Baseball has signed a long-term partnership with FTX, marking the first time that a North American pro sports league has partnered with a cryptocurrency exchange. The global partnership makes FTX the official crypto exchange brand of MLB.
FTX.US (the company’s U.S.-specific brand) also reached an agreement with the MLBPA for rights to use player highlights in its content. Blockfolio, a crypto portfolio management app owned by FTX, ran a registration promotion that was posted by MLB’s Twitter account on Wednesday as part of the new deal.
Starting with the MLB All-Star Game on July 13, all umpires will have the FTX.USlogo on their sleeves during games, making FTX the league’s first umpire uniform patch partner. FTX will also be advertised across nationally televised MLB games, MLB.com, MLB Network, MLB.TV, and the league’ssocial media platforms.
While the value of FTX’s MLB deal was not announced, FTX signed a $210 million naming rights deal with the esports organization TSM earlier this month, as well as a $135 million deal for naming rights to the Miami Heat’s arena, which will be called FTX Arena starting next NBA season.
MLB’s existing presence in the crypto space includes deals with Topps and Candy Digital to create digital collectibles (NFTs) of players. The Oakland A’s are accepting bitcoin in exchange for season suite tickets, while team president Dave Kaval told SportTechie in April that he “wouldn’t be surprised” if paying players in crypto was included in the next collective bargaining agreement.
FAQs
While the terms of the MLB license weren't released, it is known that FTX signed a $210 million naming rights deal with TSM, as well as a $135 million naming rights agreement for the Miami Heat's arena, which has been known as FTX Arena as of June 2021.
How much money involved in FTX collapse? ›
FTX said in a court filing late Tuesday that it owes about $11.2 billion to its creditors. The exchange estimates that it has between $14.5 billion and $16.3 billion to distribute to them.
Why did investors pull out of FTX? ›
People were furiously pulling money out in November 2022 because it was reported in the press that the exchange didn't have enough money to cover its deposits and was in financial straits. Ryan Knutson: That's our colleague Andrew Scurria. FTX declared bankruptcy because it owed more money than it actually had.
What started the collapse of FTX? ›
What Happened With FTX? FTX filed for bankruptcy in November 2022 after journalists discovered fraudulent reporting in an affiliate's balance sheet.
Who lost the most money on FTX? ›
Sequoia Capital likely suffered the greatest loss for an outside investor in the exchange with its $200 million investment, which peaked at $350 million in January 2022, according to data obtained by Forbes. RELATED: Who Is FTX Founder Sam Bankman-Fried?
How much money did FTX steal? ›
Kaplan found that FTX customers lost $8 billion, FTX's equity investors lost $1.7 billion, and that lenders to the Alameda Research hedge fund Bankman-Fried founded lost $1.3 billion. He imposed an $11 billion forfeiture order and authorized the government to repay victims with seized assets.
Did FTX customers get their money back? ›
Nearly all customers of FTX will get their money back, plus interest, after the cryptocurrency exchange imploded 17 months ago. FTX, which filed for bankruptcy protection in November 2022, said in a court filing Tuesday that between $14.5 billion and $16.3 billion would be available for distribution.
How much is FTX worth? ›
The live FTX price today is $1.88 USD with a 24-hour trading volume of $1.02M USD.
What happens if FTX collapses? ›
Most FTX customers to get all their money back after catastrophic collapse. FTX says that nearly all of its customers will receive their money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that.
Who took money out of FTX? ›
CEO and founder Sam Bankman-Fried resigned when the exchange collapsed. In March he was sentenced to 25 years in prison for the massive fraud that occurred at FTX.
The sordid details of a company run amuck that emerged after its assets were seized would hamstring almost any business attempting a comeback, but there may also be different parameters for cryptocurrency exchanges. The rival crypto exchange Binance briefly explored acquiring FTX before it collapsed in late 2022.
Why did FTX stock drop? ›
News Reporter
G1 Therapeutics announced that it will be continuing its Phase III breast cancer trial for its drug Cosela following an interim analysis, pushing back a data readout and sending its stock $GTHX down nearly 40%.
How much has been recovered from FTX collapse? ›
Those who lost money when the exchange collapsed in November 2022 are owed around $11 billion, but the estate been able to recover as much as $16.3 billion, court records filed on Tuesday show. As a result, claims will be repaid with interest.
What does FTX stand for? ›
FTX is an abbreviation of "Futures Exchange".
How many people affected by FTX collapse? ›
Currently, around $30 billion to $35 billion worth of crypto is locked up in cryptocurrency bankruptcies, with around 15 million people affected, according to Xclaim.
How much did FTX employees make? ›
FTX Exchange Salary FAQs
The average FTX Exchange salary ranges from approximately $42,763 per year (estimate) for a Janitor to $193,350 per year (estimate) for a Derivatives Trader.
Is FTX still a sponsor of MLB? ›
In November, the league terminated its five-year sponsorship deal with FTX. The cryptocurrency exchange filed for Chapter 11 bankruptcy that month.
Who was paid by FTX? ›
Most FTX customers will get their money back soon after crypto collapse. Customers and creditors that claim $50,000 or less will get about 118% of their claim, according to the plan. That includes about 98% of the exchange's customers.
What athletes invested in FTX? ›
These celebrity endorsers include supermodel Gisele Bündchen, NBA star Stephen Curry, tennis phenom Naomi Osaka, former baseball superstar David “Big Papi” Ortiz, and Shark Tank's Kevin O'Leary. They are all implicated for appearing in paid advertising campaigns and endorsing the exchange.
