Markets
Share this article

FTX Acquires Naming Rights to Esports Organization TSM in $210M Deal

The deal is the largest in eports history.

By Jamie Crawley
Updated Sep 14, 2021, 1:06 p.m. Published Jun 4, 2021, 3:15 p.m.
Fortnite game

In this article

ARBARB$0.1142◢3.92%

Crypto exchange FTX acquired the naming rights to esports organization TSM in a multi-year deal for $210 million.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy.

  • The deal is the largest in esports history, claims an announcement Friday.
  • TSM will be known as "TSM FTX."
  • The organization plans to expand into new platforms such as mobile, and open offices in Asia, Europe and South America.
  • It will also distribute crypto to its players and employees as well as purchasing $1 million worth of FTX's native token FTT.
  • Founded in 2009, TSM FTX says it is the world's most valuable esports organization and fields players in League of Legends, Fortnite, Super Smash Bros and Tom Clancy's Rainbow Six Siege, among others.
  • FTX entered sponsorship of real-world sports in March when it acquired the naming rights of Miami Heat professional basketball team's home arena for a reported $135 million.

Read more: FTX CEO Says Miami Heat Naming Rights Deal Is Partly Philanthropic

EsportsSponsorshipFTX

More For You

Bitcoin could fall to $10,000 as U.S. recession risk builds, Mike McGlone says

By Olivier Acuna|Edited by Oliver Knight
2 hours ago
Bitcoin bus (Photo: Olivier Acuna/Modified by CoinDesk)

McGlone links bitcoin’s downturn to record U.S. market cap-to-GDP levels, low equity volatility and rising gold prices, warning of potential contagion into stocks.

What to know:

  • Bloomberg Intelligence strategist Mike McGlone warns that collapsing crypto prices and a potential bitcoin slide toward $10,000 could signal mounting financial stress and foreshadow a U.S. recession.
  • McGlone argues the post-2008 "buy the dip" era may be ending as crypto weakens, stock market valuations sit near century highs relative to GDP, and equity volatility remains unusually low.
  • Market analyst Jason Fernandes counters that a drop to $10,000 bitcoin would likely require a severe systemic shock and recession, calling such an outcome a low-probability tail risk compared with a milder reset or consolidation.
Read full story