FaZe Holdings (NASDAQ: FAZE) Shares Skyrocket Following Mega Esports Sponsorship Announcement

FaZe Holdings (NASDAQ: FAZE) stock skyrocketed 107% on Tuesday following the revelation of a multi-million dollar esports sponsorship agreement with Rollbit.

According to the agreement, Rollbit will establish itself as the global partner for FaZe Clan’s Counter-Strike team, currently holding the top rank in the CS2 Valve World Ranking. This sponsorship is focused on regions outside the United States and comes on the heels of Rollbit’s recent collaboration with SSC Napoli, a highly respected Italian football club.

Erik Anderson, FaZe Clan’s President, expressed,

“This deal is potentially one of the most significant sponsorship agreements in the history of Counter-Strike and esports. Brands like Rollbit are exploring innovative ways to engage with large, globally dispersed audiences. Today’s landmark announcement not only underscores our mutual commitment to competition and excellence but also guarantees a robust and lasting program for our fans. We are excited to commence this partnership with Rollbit.”

Sam Norman, Rollbit’s Head of Partnerships, remarked:

“Rollbit is thrilled to collaborate with FaZe Clan, the current global leader in Counter-Strike. We have always admired FaZe Clan and are eager to connect with their global fanbase of over 500 million social media followers. We anticipate supporting and cheering for the Counter-Strike team as they strive to maintain their top global ranking throughout this year’s season. This partnership signifies another step forward for Rollbit as we continue to broaden our sponsorship portfolio with other premier sports organizations.”

FaZe Holdings (NASDAQ: FAZE) Stock Reaction

As of the close of trading on Monday, FAZE stock saw a 107.12% rise, with a trading volume of 288,903,682 (288.90 million) shares, surpassing the company’s average daily trading volume of 433.15K.