Bybit served as a principal partner of the Red Bull F1 team for three seasons. (Clive Mason/Getty Images)

Cryptocurrency exchange platform Bybit’s lucrative sponsorship deal with Red Bull Racing, one of the dominant teams from motor racing’s prestigious Formula 1 (F1), has ended.

Bybit signed a three-year deal with the side in 2022 worth a reported $150 million ($50 million per year). The agreement concluded at the end of the 2024 season and has not been renewed.

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It is believed that the two parties were in discussions over an extension, but an agreement did not end up being reached.

The Dubai-based cryptocurrency firm, which served as a principal partner of Red Bull, has now been removed from the team's official sponsors list on its online platforms.

For three seasons, Bybit was the second-most prominent brand in Red Bull’s sponsorship portfolio behind title sponsor Oracle, which pays around $100 million annually – the team is officially called Oracle Red Bull Racing.

Towards the end of the 2024 season, the F1 outfit announced two new sponsors in online trading broker AvaTrade and video technology firm Neat, with additional partners expected to be added before the 2025 season gets underway in mid-March.

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AvaTrade appeared on Red Bull Racing’s RB20 car for the season finale in Abu Dhabi and will prominently feature on the RB21 as well as the team kit and driver suits of drivers Max Verstappen and Liam Lawson.

In mid-October, meanwhile, Red Bull also unveiled an extension and expansion of the team’s deal with US telecoms giant AT&T.

As one of the top teams in F1, Red Bull Racing boasts a wide range of high-profile sponsors, with other brands involved including Tag Heuer, Honda, and Castore.

Verstappen won a fourth straight F1 World Championship last season, but Red Bull failed to retain the Constructors' Championship after winning it in 2022 and 2023, this time coming third, behind McLaren and Ferrari.

The 2025 F1 season will begin with the Australian Grand Prix on March 16.