Ben Strack

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance" target="_blank" rel="noreferrer noopener">subscribe</a>.



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Trading platform eToro filed for an IPO yesterday, amid expectations that more crypto-related businesses will list on exchanges in the coming months.&nbsp;



The company’s <a href="https://www.sec.gov/Archives/edgar/data/1493318/000101376225001589/ea0223534-08.htm">filing</a> with the SEC comes after eToro in September <a href="https://blockworks.co/news/etoro-sec-settlement">paid $1.5 million</a> to the regulator to settle charges that it was operating as an unregistered broker (in connection with its crypto trading platform). What a difference a <a href="https://blockworks.co/news/sec-actions-timeline">few months makes</a>.



It also comes as crypto exchange Kraken is <a href="https://www.bloomberg.com/news/articles/2025-03-24/crypto-exchange-kraken-explores-up-to-1-billion-debt-package">reportedly</a> looking to raise $1 billion in debt before a possible IPO, unnamed sources told Bloomberg News.&nbsp;&nbsp;



eToro reported 23 million crypto trades during the fourth quarter of 2024 — up from 9 million the quarter before. Roughly $12.1 billion of its $12.6 billion in 2024 revenue came from crypto trading.&nbsp;



Galaxy Digital CEO Mike Novogratz <a href="https://blockworks.co/news/crypto-narratives-to-watch">said</a> during a conference in February that he expects “a whole host of [crypto] companies” listing on the NYSE or the Nasdaq in May or June. His company has been trying to go public in the US for more than four years.&nbsp;



At last week’s Digital Asset Summit, 10T Holdings CEO Dan Tapiero said he’s expecting “a crypto IPO, M&amp;A, SPAC boom” — noting that 10 or so of the companies in which his firm invests could potentially go public in the next few years.&nbsp;



Tapiero added that wider adoption and ownership of crypto companies via listing on exchanges was a “mini step” before more value moves onchain.



He noted: “American investors like to own businesses with cash flow, balance sheets, income statements, a proper board — and also legitimacy.”



A January <a href="https://bitwiseinvestments.com/crypto-market-insights/the-bitwise-vettafi-2025-benchmark-survey">survey</a> found that 25% of financial advisers interested in crypto exposure wanted to gain that exposure via equity ETFs (the highest of any method).&nbsp;&nbsp;&nbsp;



At the Exchange ETF conference, TMX VettaFi investment strategist Cinthia Murphy highlighted this stat on stage. She noted in a space that is complicated for many, crypto equities are “maybe a little bit easier to understand…[with] company valuations and fundamentals.”



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ETFs

The latest sign a crypto IPO boom might be coming

Katherine Ross

The Securities and Exchange Commission has reached a settlement with eToro.



eToro was charged with operating as an unregistered broker in connection with its crypto trading platform. As part of the settlement, eToro will end most of its crypto trading activity on the platform, according to the Thursday announcement from the SEC.



Earlier this week, eToro announced that it would alter its crypto offerings “due to the regulatory environment.”



US users can only trade bitcoin, bitcoin cash and ether. Other positions will be liquidated in mid-March of next year.



“Proceeds from these liquidations will be transferred to users’ available cash balance in their investment accounts,” the company <a href="https://www.etoro.com/en-us/news-and-analysis/etoro-updates/changes-to-our-crypto-offerings-for-us-users/">added</a>.&nbsp;



Additionally, eToro will pay the SEC $1.5 million to settle the charges, and the company walks away without admitting or denying the findings from the SEC.&nbsp;



“The SEC’s order finds that, since at least 2020, eToro operated as a broker and clearing agency by providing U.S. customers the ability, through eToro’s online trading platform, to trade crypto assets being offered and sold as securities, but eToro did not comply with the registration provisions of the federal securities laws,” the SEC <a href="https://www.sec.gov/newsroom/press-releases/2024-125">said</a>.&nbsp;



“By removing tokens offered as investment contracts from its platform, eToro has chosen to come into compliance and operate within our established regulatory framework. This resolution not only enhances investor protection, but also offers a pathway for other crypto intermediaries,” SEC’s Gurbir Grewal said.



This is not the first time that the SEC’s targeted a financial services company. The SEC previously <a href="https://blockworks.co/news/robinhood-wells-notice-sec">issued Robinhood a Wells notice</a>, though it has yet to announce any formal legal action following the notice.



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eToro

eToro to cease most crypto offerings after SEC settlement

eToro received Crypto Asset Service Provider registration from the Cyprus Securities and Exchange Commission on Thursday.



The social trading app, which offers both crypto and traditional stocks, is preparing for the European Union’s Markets in Crypto Assets framework to come into effect.



MiCa passed the EU parliament back in April with overwhelming support for the regulatory framework, which aims to enforce clearer crypto regulation.



The Cyprus registration will allow eToro to offer crypto services throughout the EU on a “cross-border basis from one single entity.” MiCa is expected to come into effect in December 2024.



eToro’s deputy CEO, Hedva Ber, <a href="https://www.etoro.com/news-and-analysis/press-releases/etoro-receives-crypto-asset-service-provider-casp-registration-from-cysec/">said</a> that the Cyprus registration “signals that we are 100% ready to embrace a new era for crypto once MiCa comes into effect next year.”



Read more: <a href="https://blockworks.co/news/eu-parliament-passes-mica-vote">EU Parliament passes MiCA by 13:1 margin</a>



“This new CySEC registration will make it much easier for us to achieve this in a post-MiCA Europe, allowing us to create a more streamlined and efficient offering for European investors who want to trade with crypto assets,” Ber added.&nbsp;



Earlier this summer, Binance’s Cyprus unit applied to be removed from the register of crypto asset service providers. At the time, the crypto exchange said that this decision was in line with its efforts to comply with MiCA, emphasizing a focus on &#8220;<a href="https://blockworks.co/news/binance-leaves-netherlands-cyprus">fewer regulated entities in the EU</a>.&#8221;



Binance also <a href="https://blockworks.co/news/binance-exits-european-markets">withdrew its BaFin application</a> “proactively” in July.



BaFin’s Rupert Schaefer has since <a href="https://blockworks.co/news/bafin-crypto-market-turbulence-germany-ufos">published a blog post</a> on the crypto markets, praising the MiCa framework and noting that this opens the door for more “technical standards.”&nbsp;



“As financial regulators, we are sitting in the tower. We must know their characteristics, understand them, know their route and intervene if necessary…Market participants can then also benefit from distributed ledger technology (DLT) in the long term,” he wrote.



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Cyprus

eToro receives Cyprus registration ahead of MiCa rollout

Shalini Nagarajan

Australia&#8217;s financial markets regulator has initiated legal action against eToro, accusing the investment platform of allegedly violating the design and distribution requirements related to its contract for difference (CFD) offering.



The Australian Securities &amp; Investment Commission’s (ASIC) lawsuit focuses on the suitability of eToro&#8217;s target market for the CFD product.



Additionally, it examines the assessment method the company used to identify whether a retail customer fell within the intended market during the period from Oct. 5, 2021 to July 29, 2023, according to the <a href="https://download.asic.gov.au/media/s2qdjuat/23-204mr-asic-v-etoro-concise-statement.pdf">lawsuit</a> filed on Wednesday.



A CFD allows an investor to profit from the price change of an asset without owning it. Essentially, it&#8217;s a bet on whether the price will rise or fall. EToro then exchanges the difference between the starting and ending price, multiplied by the units, at the contract&#8217;s close.



ASIC told Blockworks the regulator is concerned with the type of CFDs being offered by eToro.



“CFDs are complex, high-risk financial products that are not suitable for most retail investors,” an ASIC spokesperson said.&nbsp;



“Where the underlying asset is volatile or high-risk (such as crypto-assets, foreign currencies and commodities), that factor must be taken into account by issuers when they are determining whether or not they have complied with the various obligations under the [design and distribution] regime.”



According to the design and distribution obligations, eToro was mandated to define a &#8220;target market determination&#8221; before proceeding with any retail distribution activities related to the CFD product.



However, ASIC claimed that eToro failed to adequately define a suitable target market for the CFDs, taking into account the probable goals, financial circumstances and requirements of its retail clients.



EToro’s screening test allegedly excluded only a small percentage of retail clients; 8% from Oct. 5, 2021 to Jan. 25, 2022, and 6% thereafter. Consequently, ASIC claims that many clients could trade the CFD product even when it was unsuitable for them.



“The majority of consumers who acquired the CFD Product lost money when trading CFDs,” ASIC said.



An eToro spokesperson told Blockworks the company’s Australian subsidiary will respond to ASIC after considering the allegations filed.



“There is no impact or disruption of service for clients of eToro AUS and no material impact on eToro’s global business,” the spokesperson said.



“These proceedings relate to the time period 5 October 2021 to 29 July 2023,” the spokesperson said, adding “eToro AUS is now operating with a revised target market determination in place for CFDs.”



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Australia

Australian regulator sues eToro over crypto-related CFDs

James Cirrone

The brokerage eToro is cutting off US customers from four crypto tokens newly deemed securities by the SEC.&nbsp;



The market maker on Monday cited a “rapidly evolving regulatory landscape” in explaining the move. The four cryptocurrencies set to be removed from eToro’s platform are algorand (<a href="https://blockworks.co/price/algo">ALGO</a>), decentraland (<a href="https://blockworks.co/price/mana">MANA</a>), polygon (<a href="https://blockworks.co/price/matic">MATIC</a>) and dash (<a href="https://blockworks.co/price/dash">DASH</a>).&nbsp;



The four were cited in varying capacities in the SEC’s lawsuits against <a href="https://blockworks.co/news/binance-changpeng-zhao-face-sec-charges">Binance</a> and <a href="https://blockworks.co/news/sec-sues-coinbase">Coinbase</a> last week.&nbsp;



Effective 6 am ET on July 12, US customers will not be able to purchase any additional amount of the four tokens. Users are set to retain the ability to “hold and sell existing positions in these coins,” the company tweeted.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">From 6:00AM ET on Wednesday July 12th, 2023, US customers will no longer be able to open new positions in Algorand (ALGO), Decentraland (MANA), Dash (DASH) and Polygon (MATIC). Customers can continue to hold and sell existing positions in these coins. (2/5)&mdash; eToro US (@eToroUS) <a href="https://twitter.com/eToroUS/status/1668323758199955456?ref_src=twsrc%5Etfw">June 12, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The trading app — which <a href="https://blockworks.co/news/twitter-crypto-cashtags-musk-etoro">partnered with Twitter in April</a> to embed its real time data for crypto tokens — added it remains supportive of digital assets, but wants to work with regulators.&nbsp;



“We are committed to working closely with regulators around the world to shape the future of the crypto industry,” the company tweeted.&nbsp;



The brokerage <a href="https://www.etoro.com/en-us/news-and-analysis/etoro-updates/ada-and-trx-update/">removed</a> support for cardano (<a href="https://blockworks.co/price/ada">ADA</a>) for US customers back in December 2021 because of “business-related considerations.”



The most recent delistings from eToro come as <a href="https://blockworks.co/news/robinhood-nixes-ada-matic-sol">Robinhood has been spooked into removing</a> ADA, MATIC and solana (<a href="https://blockworks.co/price/sol">SOL</a>) from its platform. The SEC has claimed each met the benchmarks for a security.&nbsp;



<a href="https://blockworks.co/news/binance-culls-usdt-trading-pairs">Binance.US also discontinued several trading pairs</a> last week, including ATOM/BTC and MANA/BTC.



Coinbase CEO Brian Armstrong <a href="https://www.axios.com/2023/06/07/coinbase-crypto-tokens-sec">told</a> Axios last week that his company doesn’t plan to delist any of the crypto tokens named as securities by the SEC in its suit. They included SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO. 



Coinbase Chief Legal Officer Paul Grewal said immediately after the lawsuit was made public that <a href="https://blockworks.co/news/sec-sues-coinbase">Coinbase plans to operate its business “as usual.”</a>



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Algorand

EToro curtails new orders of SEC-deemed crypto securities for US customers

Twitter is working with trading firm eToro to allow users to view more real-time information for financial assets directly in the app, including crypto.



Until now, Twitter users could use “cashtag” symbols ($BTC, for example) to see live price charts for only limited assets.



The microblogging site is now rolling out an upgraded cashtag feature, expanding the live price charts to include additional stocks, cryptocurrencies, commodities and exchange-traded funds, according to a press release.



Users will also be linked to eToro’s platform directly from Twitter. Yoni Assia, CEO at eToro, indicated that the decision was strategic considering Twitter has millions of users that are traders.



Twitter had already <a href="https://twitter.com/elonmusk/status/1605738005813084165" target="_blank" rel="noreferrer noopener">grown</a> the cashtag feature to include 30 more cryptocurrencies earlier this year.



“Twitter has become a crucial part of the retail investing community — it’s where millions of ordinary investors go every day to access financial news, share knowledge and converse,” he said in a statement sent to Blockworks.


<div class="wp-block-image">
<figure class="alignright size-large is-resized"><img loading="lazy" decoding="async" src="https://blockworks-co.imgix.net/wp-content/uploads/2023/04/Screenshot-2023-04-13-at-3.12.48-PM.png?w=1024&amp;h=1024" alt="" class="wp-image-52039" width="246" height="238" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2023/04/Screenshot-2023-04-13-at-3.12.48-PM.png?w=1210 1210w, https://blockworks-co.imgix.net/wp-content/uploads/2023/04/Screenshot-2023-04-13-at-3.12.48-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2023/04/Screenshot-2023-04-13-at-3.12.48-PM.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2023/04/Screenshot-2023-04-13-at-3.12.48-PM.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2023/04/Screenshot-2023-04-13-at-3.12.48-PM.png?w=264 264w, https://blockworks-co.imgix.net/wp-content/uploads/2023/04/Screenshot-2023-04-13-at-3.12.48-PM.png?w=269 269w, https://blockworks-co.imgix.net/wp-content/uploads/2023/04/Screenshot-2023-04-13-at-3.12.48-PM.png?w=225 225w, https://blockworks-co.imgix.net/wp-content/uploads/2023/04/Screenshot-2023-04-13-at-3.12.48-PM.png?w=80 80w" sizes="auto, (max-width: 246px) 100vw, 246px" /><figcaption class="wp-element-caption">Twitter has new price charts</figcaption></figure></div>


Using the feature is pretty simple. In Twitter’s search tab, simply enter a dollar sign ahead of a ticker symbol you wish to check. The platform will then display price information on a chart generated from TradingView, and you’ll be able to see a “View on eToro” button.



Twitter first added the cashtags feature in December 2022. More than 420 million searches using the feature have been reportedly recorded already this year.



Tel Aviv-headquartered eToro said that there are an average of 4.7 million cashtag searches a day, with activity rising around the time of earnings announcements by big-name companies. For instance, when Apple released its fourth-quarter earnings, searches hit 8 million.



According to eToro, the most commonly used cashtags are $TSLA, $SPY (SPDR S&amp;P 500 ETF) and $BTC.



The expanded cashtags functionality didn’t seem to be active on Twitter as of press time. EToro said it was working with Twitter to resolve the issue.



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Elon musk

Twitter Expands ‘Cashtags’ To Better Inform Crypto Traders

Some crypto companies seeking to go public in the US have been held back by complex assessments led by the Securities and Exchange Commission (SEC).



Recounting plights of crypto exchange Bullish, stablecoin issuer Circle and online brokerage eToro, the Wall Street Journal <a href="https://www.wsj.com/articles/sec-scrutiny-blocks-some-crypto-firms-from-going-public-11674527071" target="_blank" rel="noreferrer noopener">highlighted</a> on Tuesday that each firm was unable to gain the required SEC approval.



They’d sought to go public via special purpose acquisition companies (SPACs) — existing “blank check” companies that merge or acquire other companies interested in assuming their public status.&nbsp;



The number of SPAC deals in the US exploded over the past few years, with 613 recorded in 2021 compared to 59 in 2019, per <a href="https://www.statista.com/statistics/1178249/spac-ipo-usa/" target="_blank" rel="noreferrer noopener">Statistica</a>. Going public via SPACs is generally <a href="https://advisory.kpmg.us/articles/2021/why-choosing-spac-over-ipo.html#:~:text=The%20main%20advantages%20of%20going,usually%20takes%2012%E2%80%9318%20months." target="_blank" rel="noreferrer noopener">regarded</a> as a speedier alternative to traditional initial public offerings.



While it hadn’t sought a SPAC deal, Galaxy Digital was similarly blocked by the SEC from listing on the Nasdaq, WSJ noted. Last April, a source told Blockworks that the listing process was taking <a href="https://blockworks.co/news/awaiting-us-listing-galaxy-digital-delays-purchase-of-crypto-platform-bitgo" target="_blank" rel="noreferrer noopener">longer than expected</a> (Galaxy stock already trades on OTC Markets).



So, what’s the hold up? It’s reportedly the number of questions posed to crypto companies by SEC regulators, who have so far found responses wanting.



Coinbase — practically the only pure-play crypto firm to go public (not counting bitcoin miners) — was reportedly sent three letters containing questions leading up to its April 2021 direct listing.&nbsp;



But Block.one’s Bullish was sent 10 letters in a review process extending beyond a year, WSJ said. Galaxy reportedly received one letter with more than 90 questions while Circle faced more than 100 questions. 



In eToro&#8217;s case, the SEC was said to have focused on the firm&#8217;s methods for accounting digital assets held by its users. &#8220;We continue to view becoming a public company as part of eToro’s future and will wait for the right opportunity to take this next step,&#8221; a spokesperson told Blockworks.



SEC chair Gary Gensler has <a href="https://blockworks.co/news/sec-under-gensler-crypto-power-grab-effective-protection" target="_blank" rel="noreferrer noopener">previously echoed</a> the stance of his predecessor Jay Clayton: regulators should consider most cryptocurrencies to be securities, and thus under the SEC&#8217;s purview. 



FTX’s collapse in November also seems to have exacerbated scrutiny. The SEC issued <a href="https://www.sec.gov/corpfin/sample-letter-companies-regarding-crypto-asset-markets" target="_blank" rel="noreferrer noopener">new guidance</a> that asked already-public companies to detail their risk exposure to the crypto sector. Circle <a href="https://blockworks.co/news/circle-kills-spac-plans" target="_blank" rel="noreferrer noopener">canceled</a> its SPAC deal in December. 



The lengthy review process has ultimately dampened efforts to generate capital via public offerings in a tough bear market, and further solidified the SEC as a major thorn in the industry&#8217;s side.



Updated Jan. 25, 2022 at 9:07 am ET: Added spokesperson statement.



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Bullish

Why Aren’t There More Public Crypto Companies? The SEC

Sebastian Sinclair

<div id="highlights-block_6209c0166f009" class="highlights">
 <ul>
 <li>Coinbase&#8217;s site and app reportedly shut down briefly on Sunday following an influx of interest from its Super Bowl ad, though the site and app are back online and functioning as normal </li>
 <li>Super Bowl ads featured an array of companies, from FTX, eToro, Crypto.com and more</li>
 </ul>
 
</div>



Coinbase&#8217;s platform and app were temporarily forced offline on Sunday after it debuted its $14 million ad during the Super Bowl.



The ad, which features a floating QR code box bouncing around the screen for 60 seconds, directs to a <a href="https://drops.coinbase.com/" target="_blank" rel="noreferrer noopener">promotional page</a> on its website offering new users signups $15 in bitcoin. The ultra-minimalist retro-styled ad evoked early computer or console games from the 1970s and &#8217;80s.



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Shortly after the ad went live to hundreds of millions of homes in the US, Twitter users began reporting issues connecting to the exchange&#8217;s website and app. It is the first ad Coinbase has spun up for the sporting event.



The mishap calls into question Coinbase&#8217;s stability during times of large site traffic. The platform shut down on several occasions over the last two years, following erratic trading and subsequent dips in bitcoin&#8217;s price.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw">#Coinbase</a> how can you drop this ad and then for the app to crash <a href="https://twitter.com/hashtag/SuperBowl?src=hash&amp;ref_src=twsrc%5Etfw">#SuperBowl</a> <a href="https://t.co/FAbvRnudsK">pic.twitter.com/FAbvRnudsK</a>&mdash; Vanessa 🗺 (@rurisan) <a href="https://twitter.com/rurisan/status/1493014031338283008?ref_src=twsrc%5Etfw">February 14, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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The issue, which lasted just minutes, has since been resolved, and users can now access the website along with the promo page which features messages including &#8220;Less Talk, More Bitcoin&#8221; and &#8220;WAGMI.&#8221;



At press time, Coinbase was experiencing issues with Google Pay and directed customers to use alternative payment methods, according to its <a href="https://status.coinbase.com/" target="_blank" rel="noreferrer noopener">status page</a>.



While the influx of interest briefly forced the platform&#8217;s website and app offline, Coinbase&#8217;s Chief Product Officer Surojit Chatterjee <a href="https://twitter.com/surojit/status/1493031594109538304?s=20&amp;t=oBBf-y2Mt1rbTDVx0aOKyw" target="_blank" rel="noreferrer noopener">tweeted</a> Sunday that Coinbase had experienced &#8220;more traffic&#8221; than it had &#8220;ever encountered,&#8221; resulting in engineers having to throttle traffic.



&#8220;We are now back and ready for you,&#8221; Chatterjee said in his tweet. &#8220;Humbled to have been witness to this.&#8221; 



<h3 class="wp-block-heading">Other industry Super Bowl ads</h3>



A variety of industry participants were also present during the ad breaks at the Super Bowl.



Comedian, writer, director and actor <a href="https://en.wikipedia.org/wiki/Larry_David" target="_blank" rel="noreferrer noopener">Larry David</a> was featured in an ad for crypto derivatives exchange FTX, comparing the platform to famous inventions throughout history:



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As part of the campaign, FTX promised four viewers who retweeted <a href="https://twitter.com/FTX_Official/status/1493028625825869828?s=20&amp;t=hP1VQ1TpqS0ifQXLlZWzKg" target="_blank" rel="noreferrer noopener">the official tweet</a> of the ad will win 7.54 bitcoins — the commercial aired at 7:54 pm ET.



The Crypto.com exchange featured a skit with basketball star Lebron James imparting wisdom to his younger self:



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true">In his moment of truth, <a href="https://twitter.com/KingJames?ref_src=twsrc%5Etfw">@KingJames</a> called it. Fortune Favors the Brave <a href="https://twitter.com/hashtag/FFTB?src=hash&amp;ref_src=twsrc%5Etfw">#FFTB</a> <a href="https://t.co/Snhpit3vnh">pic.twitter.com/Snhpit3vnh</a>&mdash; Crypto.com (@cryptocom) <a href="https://twitter.com/cryptocom/status/1493033811105378307?ref_src=twsrc%5Etfw">February 14, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Championing &#8220;social investing,&#8221; eToro&#8217;s ad depicted a swarm of flying retail traders set to a cover of &#8220;Fly Me To the Moon&#8221; — the classic 1950s ballad by <a href="https://www.songhall.org/awards/winner/Fly_Me_To_The_Moon" target="_blank" rel="noreferrer noopener">Bart Howard</a> made famous by <a href="https://www.youtube.com/watch?v=mQR0bXO_yI8" target="_blank" rel="noreferrer noopener">Frank Sinatra</a> during NASA&#8217;s Apollo moon missions. 



<iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/7O4rP3qwlfo" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen=""></iframe>



Canadian exchange Bitbuy <a href="https://cms.blockworks.co/exchanges-compete-to-grab-super-bowl-spotlight/" target="_blank" rel="noreferrer noopener">ran an ad</a> with its own sports star, Kyle Lowry, while <a href="https://www.youtube.com/watch?v=LcmAlpIp3oM" target="_blank" rel="noreferrer noopener">Facebook</a> and <a href="https://www.youtube.com/watch?v=ljMvZbYDl2E" target="_blank" rel="noreferrer noopener">TurboTax</a> marketing buys also touched on crypto.



Last year, Super Bowl LV generated $434.5 million of in-game ad revenue, with an average price of around $6.5 million per 30-second segment. For every dollar spent for the coveted prime time slots, an average return on investment of $4.60 was received — more than four times the initial spend, according to data by provider <a href="https://www.kantar.com/north-america/inspiration/advertising-media/2021-super-bowl-generated-435-million-dollars-in-ad-revenue#:~:text=Super%20Bowl%20LV%20saw%20a,%245%20million%20the%20previous%20year.&amp;text=Automotive%20continued%20to%20lead%20the,million%20less%20compared%20to%202020." target="_blank" rel="noreferrer noopener">Kantar</a>.



Macauley Peterson contributed reporting for this story.



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