“Wow, this is so exciting, it's way more powerful than the horsepower I used to drive,” said Brad Pitt, one of Hollywood's sexiest male stars, about his first experience driving an F1 car.

In theaters this month, Brad Pitt starred in “F1: The Movie,” which grossed $56 million in its opening week in North America, with a global box office of over $144 million, making it the first true blockbuster in Apple's film history.

This nearly $300 million film, which garnered widespread attention not only for its IMAX live filming and real team participation but also caught the eye of the crypto community. During the film's promotional period, lead actor Brad Pitt personally test-drove the McLaren MCL60 race car for the 2023 season, marking his first F1 driving experience in life.

On Brad Pitt's racing car and driver's suit was a logo as familiar to the crypto community as it gets—OKX.

Since the FTX era in 2021, cryptocurrency trading platforms led by FTX and Crypto.com have increasingly intensified their cooperation with top F1 teams in multi-season sponsorships, bridging the collaboration between crypto trading platforms and top F1 teams.

Today, BlockBeats counts down the “sugar daddies” of the crypto trading platforms that have sponsored F1 teams.

Which F1 Teams Have Crypto “Sugar Daddies” Sponsored?

FTX: Mercedes-AMG Petronas

In September 2021, FTX signed a multi-season sponsorship contract with the Mercedes-AMG Petronas F1 team, with the amount undisclosed.

FTX's logo is printed on the race car's rear wing, cockpit, and even the driver's cap, making it highly prominent.

At the time, FTX, which had been established for less than two years, had already invested over $345 million in sports marketing. For its first collaboration with an F1 team, FTX chose Mercedes, a team that had won both the team and driver world championships for seven consecutive years from 2014 to 2020. FTX founder SBF believes this partnership will further elevate FTX's position as a trading platform.

However, just a year later in November 2022, FTX faced a crisis. Mercedes immediately announced the suspension of all partnerships, urgently removed the FTX logo from the car and surrounding equipment on the eve of the Brazilian Grand Prix, and declared an end to this collaboration. Many media outlets pointed out that this incident marked Formula 1's blind rush into the crypto market.

Mercedes' Chief Commercial Officer also publicly expressed caution regarding crypto sponsorships, subsequently adopting a more cautious approach and maintaining a distance from any crypto entities. Currently, Mercedes remains one of the four teams in Formula 1 that has not partnered with any crypto platform, with the other three being Ferrari, Haas, and AlphaTauri.

Crypto.com: F1 Official & Aston Martin

In March 2021, Crypto.com made its first foray into F1, announcing a multi-season sponsorship agreement with the Aston Martin Cognizant F1 Team. Its brand logo appeared on the AMR22 car's sidepod, driver suits, and related equipment.

Not stopping there, three months later, Crypto.com signed an exclusive five-year sponsorship agreement with F1, worth approximately $100 million, becoming the "Official Cryptocurrency Partner" of F1. Crypto.com also took this opportunity to launch a series of F1-themed NFT products on its platform, gaining event-level exposure, marking the first significant cryptocurrency involvement in a top-tier F1 event.

By the end of 2024, this partnership saw further expansion. Crypto.com announced that it had renewed its agreement with F1 until 2030, becoming one of the longest-standing sponsors from the crypto industry and one of the earliest exchange platforms to sponsor an F1 team.

Coinbase: Aston Martin Aramco F1

During the Trump administration, the cryptocurrency industry ushered in a new era of prosperity, with even conservative exchanges like Coinbase no longer feeling "handcuffed."

In February 2025, Coinbase announced its partnership as the official cryptocurrency partner of the Aston Martin Aramco F1 team. The partnership agreement is for multiple years, with the amount undisclosed for now. This marks Coinbase's first foray into F1 team sponsorship.

A significant aspect of this partnership is that Coinbase has become the first-ever F1 team partner in history to complete a full payment using the USDC stablecoin. According to a joint report by Reuters and News.Bitcoin, the entire contract amount was settled by Coinbase using USDC issued by Circle, achieving a fully on-chain payment process from signing to execution.

In terms of brand exposure, Coinbase's logo is deployed in the most prominent exposure positions of the AMR25 race car, including the halo structure, rear wing endplate, and on the chest of drivers Lance Stroll and Fernando Alonso. Especially in helicopter aerial shots and close-up footage, the high-frequency exposure of the halo section has provided Coinbase with significant brand value.

OKX: McLaren Racing

In May 2022, OKX announced its partnership as the "Chief Cryptocurrency Partner" of the McLaren F1 team, covering multiple seasons and confirmed to extend at least until 2026.

Based on various estimates from sources such as Marketing Brew and Coinspeaker, OKX is estimated to invest between $25 million and $50 million annually in this partnership, placing them in the middle to upper tier of F1 crypto sponsors. The OKX logo is printed on high-frequency camera positions on the bodywork sidepods, nose cone, rear wing endplate of McLaren's MCL36 and MCL60 cars, with driver gear also receiving brand updates.

In addition to traditional brand exposure, OKX also introduced a "Stealth Mode" themed car livery, combined with online social media content and video marketing, accumulating over 10 billion social impressions and 180 million video views. McLaren officially released a thank-you statement after the 2024 season, publicly acknowledging the contribution of this crypto platform at a business level. The car driven was the McLaren MCL60 race car from the 2023 season.

The F1 race car previously driven by Brad Pitt is now displayed in OKX's Singapore headquarters.

Bybit: Red Bull Racing Oracle

In early 2022, the crypto exchange platform Bybit announced a partnership with the top-tier Formula 1 team Red Bull Racing Oracle, then referred to as the "largest single-year cryptocurrency investment in the history of the international sports industry."

The partnership lasted for three years, with a total value of $150 million, averaging around $50 million investment per year, directly entering the top five of the F1 sponsorship rankings that year.

Bybit's brand logo appeared on key locations of the Red Bull race car, such as the rear wing, front wing, and side pods. Drivers Verstappen and Pérez's race suits and helmets also featured the Bybit logo. Bybit was also involved in the Red Bull Racing team's business plans, including esports driver training.

This period coincided with Red Bull Racing's peak. Starting from 2022, the team swept both driver and constructor championships for two consecutive years, with Verstappen breaking multiple F1 historical records and solidifying his position as the "new generation king of the track." Leveraging Red Bull's global influence, Bybit further expanded its user base growth in European and Asian markets. By the end of the 2024 season, Bybit announced the non-renewal of the partnership with Red Bull Racing as the collaboration naturally concluded.

Gate: Red Bull Racing

In 2025, during Gate's 12th anniversary, the veteran exchange platform announced its official partnership as the Red Bull Racing team's new cryptocurrency exchange partner, taking over from Bybit as a sponsor of a top-tier F1 team. The estimated investment amount for this partnership is also over $100 million, spanning multiple seasons.

According to the partnership details, starting from the 2025 season, the Gate brand will feature prominently on the visual areas of the Red Bull race car, including the rear wing, headrest, undertray, team clothing, and the helmet sidepod of four-time World Champion Max Verstappen. The high-frequency exposure of the brand identity will provide a strong boost for Gate to gain increased recognition globally.

With exchanges like OKX and Bybit venturing into F1, Gate's entry is seen as part of a "brand upgrade" strategy, signaling a further implementation of its international expansion strategy.

Binance: Alpine F1 Team

In February 2022, Binance partnered with the French team Alpine F1 Team (formerly Renault F1, which became Alpine F1 Team under the Renault Group starting from the 2021 season) in a multi-tiered collaboration, becoming its official cryptocurrency platform and NFT partner.

This collaboration also led to the creation of the Alpine F1 Team fan token $ALPINE. On May 6, 2025, Binance launched the ALPINEUSDT perpetual contract, with leverage of up to 75x, and it surged over 47% on the same day.

Visually on the race cars, the Binance logo appeared on the sidepods and rear wings of the Alpine A522 and A523 cars, as well as on the driver's race suits and certain garage areas. Despite Alpine F1's performance not reaching the top tier, the Web3 fan community driven by their collaboration with Binance is one of the attempts to combine racing and crypto.

Kraken: Williams Racing

In March 2023, cryptocurrency exchange Kraken announced its partnership as the official crypto partner of Williams Racing.

Under the partnership agreement, Kraken's branding appears on high-visibility areas of the Williams FW45 car, including the rear wing, front nose, and driver gear. Despite Williams' recent performance placing it in the midfield, its rich racing history, British background, and flexible partnership structure remain attractive.

As of the 2024 season, Kraken remains a primary partner of Williams and plans to extend the partnership through 2025 and beyond.

Why Do Crypto "Whales" Love F1 Teams?

Once upon a time, the main sponsors in the F1 arena were tobacco giants. The red Marlboro, golden Gauloises, almost dominated the visual landscape of the Michael Schumacher era. However, starting in 2006, as tobacco advertising was strictly prohibited globally, these brands withdrew one after another, leaving F1 sponsorship slots vacant, waiting for a new generation of high-premium brands to take their place.

In their place came gambling and financial services—two industries closely related to risk, excitement, and high-net-worth individuals. From odds betting to asset management, these brands logically fit into F1's "speed and thrill."

Today, an increasing number of logos have been replaced by familiar cryptocurrency exchanges. Unlike the overt "gray area" of the gambling industry, cryptocurrency exchanges are adept at creating a "tech + future finance" atmosphere.

F1 has always been seen as one of the "elite sports." Its transmission of speed, technological prowess, elegant demeanor, and elitist temperament places it in the same cultural context as golf, yachting, and antique timepieces. It naturally attracts those who have wealth and are willing to pay for their "status," which is precisely the target audience of mainstream crypto brands today.

What truly makes F1 sponsorship "sexy" is the resource network it is attached to. F1 is essentially a closed, old-money-centric resource field. These circles include some of Europe's long-standing old money families, as well as some traditional organizations. Within F1, there are unwritten rules, and if this F1 circle does not acknowledge you, even if you have money, you cannot enter.

F1 Revenue Trend

From a business standpoint, F1 is a closed circle built by "old money." Its barrier to entry has never been just money; it also includes status, connections, and a sense of belonging to the "in-group." An investor who has long been involved in the F1 circle once revealed, "F1 is a very closed circle, structured around old money families, with a strong sense of class consciousness. If this circle does not acknowledge you, even if you have a lot of money, you cannot get in."

In such a field, "sponsorship" is not just about logo exposure; it is a social ticket. It means you can enter the paddock, get internal PR limited passes, and engage directly with drivers, management, or sponsors. These passes are not sold to the public; they are only given to friends, investors, and the most core partners. Many businesses, partnerships, and funding are born in such stables.

This also explains why many crypto platforms are willing to spend tens of millions of dollars just to have their name printed on the sidepod of a McLaren, Red Bull, or Aston Martin's race car—it's not advertising; it's identity. More precisely, it is a declaration of identity: I am entitled to be part of this world.

From a resource perspective, F1 host venues are often global political and financial hubs—Monaco, Singapore, Abu Dhabi, Las Vegas... Every race is a gathering place for political and business elites. Compared to the conversion rate brought by an advertisement, this "quasi-Davos-level" brand exposure is evidently more attractive to the crypto space.

It is for this reason that even with top-tier sponsorships costing upwards of $50 million annually, the crypto industry's key players are still flocking to it.

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