Exactly one month from Thanksgiving is the next major Holiday of 2021, Christmas. On top of everything else happening the day, Staples Center in Los Angeles will officially change its name to crypto.com Arena.
It’s the richest naming rights deal in history, totaling over $700 million for three years, and the crypto.com execs are most likely giving thanks that they made the bold move because it appears to be paying off already.
The stock price has risen over 100% since the announcement about the name change on November 17. It hit a high of $0.7984 the past Sunday, which is 103% higher than the price on the 17th.
That stock bump boosted the company’s valuation to $19 billion, up $10 billion since before the announcement.
Staples Center is home to the Lakers, Clippers, Kings, and various award shows, including the Grammys.
The Singapore-based company is on a wild spending spree looking to expand its brand. They hired Matt Damon for a marketing blitz that you’ll be seeing more of soon.
These are significant decisions the company is making and catching the eye of experts watching them. Here’s what Meltem Demirors, the chief strategy officer at CoinShares tweeted.
“The deal paid for itself ~13x over, difficult to untangle token distribution and who benefited, but smart token marketing strategy!”