Red Bull has cut ties with long-term crypto sponsor Bybit ahead of the 2025 Formula 1 campaign, ending a deal worth a reported $150 million.
The Singaporean crypto exchange signed a three-year $150 million deal with Red Bull in 2022 which hasn’t been extended beyond its natural conclusion in 2024.
It was a prominent partnership on the RB20, with the Bybit logo featuring on the front and rear wing – save for the Chinese Grand Prix, where the Red Bull logo was featured due to crypto restrictions.
A $50 million per year deal made Bybit one of Red Bull’s larger backers behind the likes of title partners Oracle, which is reportedly a $90 to $100 million per year deal.
However, with crypto under increased scrutiny and F1 teams preferring commercial partnerships with mutual benefits, such as technical and customer exchange, speculation suggests Bybit was no longer a natural fit for the Red Bull brand.
Still, it’s understood the two parties sought to extend their expired deal, but an agreement couldn’t be met.
Red Bull signing new deals to fill Bybit deficit
Plugging a $50 million per year gap is necessary in the cost-cap era of F1, even for a team like Red Bull.
The Milton Keynes-based outfit has sought to do so with two new partners jumping on board for 2025.
Red Bull announced a multi-year partnership with online trading broker AvaTrade last December and the company’s logo featured on the RB20 at the season-ending Abu Dhabi GP.
Said to be AvaTrade’s biggest-ever F1 partnership, the trading broker’s logo will feature on the RB21 and the race overalls of Max Verstappen and Liam Lawson in 2025.
It will also partner with Red Bull’s F1 Academy programme and sponsor the Talking Bull podcast.
“The partnership expanding to F1 Academy and Talking Bull shows the commitment and amazing working relationship that the Team already has with AvaTrade, and shows the depth of the world of Red Bull and exciting opportunities in F1,” said Team Principal Christian Horner.
Also featuring on the RB21 car, pit crew helmets and track displays will be the logo of Neat, a company specialising in video conferencing equipment and tools making its first steps in the F1 scene.
Red Bull will leverage Neat’s technology throughout the organisation.
More partners are expected to partner with the team ahead of the 2025 campaign.
They will likely be unveiled during the team’s livery presentation at the London O2 arena on February 18 for the F1 75 season launch event.
READ MORE – Helmut Marko reveals cost of Sergio Perez F1 exit to Red Bull
