ByBit pulls out of its deal with Red Bull after three years, citing uncertainty in the crypto market

Red Bull Racing’s longstanding partnership with ByBit is coming to an end ahead of the F1 2025 season. The Dubai-based cryptocurrency platform had been a major sponsor of the team for the past three years, but they chose not to renew their sponsorship deal after the 2024 Formula 1 season concluded.

The multi-year agreement between ByBit and Red Bull began in 2022, with the deal reportedly worth $150 million over its duration. During that time, ByBit became a prominent partner for the Milton Keynes-based squad, securing a place just behind title sponsor Oracle, which contributes between $90 and $100 million annually.

However, the relationship between the two parties ended on a somewhat uncertain note. Speculation grew regarding the reasons for the split when ByBit’s branding disappeared from Red Bull Racing’s official sponsor list earlier this week. While discussions regarding a potential extension were underway, ByBit ultimately decided against continuing the partnership. The cryptocurrency market’s volatility, exacerbated by concerns surrounding the upcoming United States presidential elections, played a pivotal role in the decision.

ByBit’s departure from Red Bull leaves a gap in the team’s sponsorship roster, but Red Bull is already working on filling that void. Reports indicate that several high-profile companies from various sectors are set to join Red Bull Racing as official sponsors for the 2025 season. These companies span industries such as cryptocurrency, fitness, online streaming, and financial technology, suggesting a diverse and strategic approach to securing new partnerships.

This shift comes at a time when the crypto market has experienced significant fluctuations, with many companies pulling back from high-profile investments in response to regulatory uncertainty and market instability. ByBit’s decision reflects the broader challenges faced by the cryptocurrency industry, especially in relation to its visibility and involvement in large-scale, mainstream partnerships like those in Formula 1.

While Red Bull will no longer feature ByBit’s branding on their cars for 2025, the team’s success on the track is expected to continue drawing major sponsorship interest. The team’s dominance in recent seasons, with Max Verstappen leading the charge, has only increased its global appeal and marketability. In the wake of ByBit’s exit, Red Bull is likely to attract significant backing from new partners looking to align with the team’s success.

Despite ByBit’s absence, the ongoing evolution of Red Bull Racing’s sponsorship landscape highlights the team’s ability to adapt and secure partnerships that align with both their performance and their global brand. As the 2025 season approaches, Red Bull fans and industry observers will be keen to see how these new sponsorships shape the team’s future