Major League Baseball kicked off the 2021 season on Thursday, and the Oakland A capitalized on the madness of the cryptocurrency market to make headlines on opening day.
What happened? The A’s are the first MLB team to sell cryptocurrency tickets and to announce this crypto asset platform Voyager Digital Ltd. (OTC: VYGVF) bought a suite for six for the upcoming season for one Bitcoin (CRYPTO: BTC).
“Cryptocurrency is a viable and tangible currency model, and we know that other forward-thinking companies and individuals, along with Voyager, will use that payment to purchase tickets,” said Dave Kaval, president of A, in a statement.
The A’s said they will continue to sell six-person suites for an entire season through Thursday.
“Voyager is proud to make history with this crypto purchase,” said Steve Ehrlich, CEO and co-founder of Voyager. “We have a strong relationship with Stephen Piscotty, the real outfield player at A, and look forward to building our relationship within the organization at A. Voyager intends to share the suite with our customer community in the Bay Area and beyond.”
Related link: Bitcoin ETF Proposals: The Long History of SEC rejections
Beanes SPAC: The organization of the A was also in the financial market news earlier this year according to longtime managing director Billy Beane’s SPAC RedBall Acquisition Corp. (NYSE: RBAC) was unable to raise funds to invest in a 20% to 25% stake in Boston Red Sox parent company Fenway Sports Group.
The deal would have likely forced Beane to leave the A’s organization because of a conflict of interest. Beane, famously portrayed in Brad Pitt’s “Moneyball” in 2011, is reportedly staying with the team until at least the 2021 season as RedBall continues to look for a possible acquisition.
Oakland has long been one of the smallest markets in MLB. The A’s franchise was valued at around $ 1.1 billion as of 2020, which is roughly a third of the value of the Red Sox franchise.
Petrol gas setting: Given Oakland’s proximity to Silicon Valley and the craze for cryptocurrency these days, selling suites in Bitcoin seems like a very smart PR move for the A’s. The approximately $ 60,000 investment also earned Voyager Digital significant publicity.
Photo credit: Kwong Yee Cheng, Flickr
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