Sharks to Become 1st NHL Team to Accept Cryptocurrency for Large Purchases

The ownership group for the San Jose Sharks will begin accepting cryptocurrency for payments toward season tickets, luxury boxes and sponsorships effective June 15.

The Sharks will be the first NHL team that allows fans to pay in crypto for "large and recurring payments," per the Bay Area News Group's Curtis Pashelka.

Sharks president Jonathan Becher explained how it won't represent a big shift for the organization. 

"We’re accepting PayPal, so then by definition, we’re accepting cryptocurrency," he said. "Why not embrace it and make it more visible as opposed to just doing it through a third party?"

The Sacramento Kings were the first major sports team to accept Bitcoin when they allowed it as a form of payment for merchandise and tickets. Since then, the practice has become more widespread as cryptocurrencies gain more traction.

In March, the Oakland Athletics opened up the sale of 10 luxury suites for one bitcoin apiece. Veteran NFL offensive tackle Russell Okung became the first player to receive a portion of his contract in Bitcoin last December, with more players following suit.

The general volatility of cryptocurrencies does, however, raise questions over whether the trend is sustainable.

When the A's began their suite sale in March, for example, the price of one bitcoin was around $59,000. One bitcoin is currently worth around $35,000 after a recent downturn.