Crypto Market Reaction on Transfer Announcements

Professional football clubs increasingly use blockchain-based fan tokens to strengthen fan engagement, though little is known about how these digital assets respond to club-specific information. Our paper investigates whether official player transfer announcements are value-relevant events for football club fan tokens. Employing an event study framework, complemented by GARCH(1,1) estimations, we find no evidence of a systematic aggregate abnormal-return response to official transfer announcements. However, several individual transfer events are associated with statistically significant abnormal returns, including both positive and negative reactions. Thus, transfer announcements appear to be value-relevant in selected cases, but the evidence does not support a systematic market-wide effect. The study contributes to the emerging literature on blockchain-based sports assets by providing new evidence on information efficiency and price formation in tokenized sports markets.