In an April 23 interview with When Shift Happens, Bybit Chief Executive Officer Ben Zhou said the company did not renew the deal because the commercial value of Formula 1 sponsorship had been declining each year.
Bybit Chief Executive Officer Ben Zhou said the crypto exchange chose not to renew its sponsorship with Red Bull Formula 1. In an April 23 interview with When Shift Happens, Zhou stated that the commercial value of Formula 1 sponsorship had been falling year by year. The comment points to a marketing reassessment by a major crypto trading platform, as exchanges continue to weigh brand visibility against measurable business returns in high-profile sports partnerships.