Floyd Mayweather, the legendary boxer, has been involved in various business and crypto investments beyond his sporting career. As a celebrity with global influence, Mayweather’s endorsements and ventures have drawn much attention. He invested in crypto early on, launched merchandise, promoted ICO projects, and opened a Bitcoin ATM business. However, he has also faced controversies regarding crypto promotion deals. While optimistic on crypto’s potential, Mayweather’s investments illustrate both the opportunities and risks associated with this emerging asset class.
Mayweather entered crypto by investing in Bitcoin and altcoins
Mayweather first purchased Bitcoin when it was valued around $1,000 in the early days. Although he regrets not holding it longer term, he still earned significant profits selling at $19,000 in Bitcoin’s 2017 bull run. Besides Bitcoin, Mayweather also owns other cryptocurrencies like Ethereum and Litecoin. His early involvement shows his forward-looking vision to bet on the growth of crypto.
Mayweather launched branded ATMs for buying Bitcoin
In 2018, Mayweather launched branded Bitcoin ATMs that allow fast fiat-to-crypto conversions. The ATMs were placed at the LINQ Hotel & Casino in Las Vegas. While convenient for crypto purchases, this business venture did not gain further traction.
Mayweather promoted several high-profile ICO projects
Mayweather promoted ICO projects like Hubii Network, Stox, and LydianCoin on his social media accounts. However, he faced regulatory blowback for not properly disclosing that these were paid promotions. This illustrated the risks around cryptocurrencies still operating in legal grey areas.
Mayweather sells NFTs and branded merchandise
Besides crypto, Mayweather has an online store selling NFTs of collectible artwork as well as branded apparel and accessories. However, these initiatives seem more opportunistic rather than strategic parts of his investment portfolio.
While the hype around Mayweather’s crypto ventures has cooled recently, his early involvement still makes him one of the most prominent celebrity investors in the space. However, controversies around promotions and lack of long-term direction also showcase the risks for celebrities diving into crypto investments.