Corinthians fan token: club's cut and spread on Mercado Bitcoin | OneFootball

The drop in the Corinthians fan token relative to the initial offering was 99.39% in the snapshot taken on September 12, 2026, five years after launch. This is the loss in dollar price, not a measure of the club’s financial loss.

SCCP was offered at US$2 and appeared near US$0.01228 in the check made at 9:51 a.m. Brasília time. The calculation compares prices, without fees or exchange-rate effects. An aggregated quote is not a commitment to buy. Therefore, the snapshot does not show how much someone would receive when selling, although it does allow the devaluation since the offering to be measured. To answer the fan’s question, it is necessary to separate the money raised at launch, the right presented to the buyer, and the recoverable amount upon exit.

What the offering put into circulation

A total of 850,000 tokens were offered on September 2, 2021, selling out in approximately two hours, in an operation that moved about US$1.7 million gross, while Brazilian coverage reported approximately R$8.8 million gross and attributed about R$4.38 million to Corinthians. The club’s share remains press information, without confirmation by financial statements, explanatory notes, or contract.

Those R$8.8 million and R$4.38 million describe different things: the total moved by the offering and the portion that, according to the press, would go to Corinthians. The split is not documented in the material reviewed. There is not enough information to determine the net amount actually received by the club. Treating the entire amount raised as Corinthians revenue would erase precisely the distinction presented in the coverage.

For those who bought in the offering at US$2, the token was presented as a pass for polls and experiences, with the choice of a phrase for the Neo Química Arena players’ tunnel as one example. The record describes the proposal. It does not prove that this vote took place. The buyer received a token presented as access to these benefits, and the sources reviewed do not describe any ownership stake in Corinthians’ assets or revenues, nor any formal governance rights.

On the date of the offering, there was still no secondary trading; listing on Mercado Bitcoin came on September 9, 2021, one week later. Buying at launch and being able to resell were separate steps. The initial fundraising also did not ensure the later existence of buyers willing to pay the same price.

Between the screen and the available balance

On Mercado Bitcoin, SCCP had a last price near R$0.07, and the distance between the buy and sell prices, the spread, was 15.92%. The last trade records a past transaction. The spread, meanwhile, describes the gap between buyer-side and seller-side prices, without automatically equaling the discount suffered by any seller.

The 15.92% spread gains context with order book depth, which shows how much is available to trade in each price range, while order size would help assess whether the sale would fit within that range. Fees would complete the calculation. The data reviewed do not provide these elements, so applying the spread directly to the fan’s balance would produce an unsupported estimate.

There is also a categorical difference: those who bought SCCP in 2021 acquired an asset that launch coverage explicitly said was not a means of payment. The use of crypto to move funds belongs to another category, illustrated by the operations described by BetFury crypto casino: deposits and withdrawals in more than 55 cryptoassets and 18 networks, with manual review of each withdrawal and a timeframe of 24 to 72 hours. Networks, fees, and withdrawal times are aspects of this kind of transfer, although the cited information does not detail fees. A comparison with SCCP resale finds no basis in this data to conclude anything about liquidity, withdrawal guarantee, or security, nor to favor the platform.

In Brazil, similar volumes hide different gaps

SCCP’s aggregated volume was US$59,525 over 24 hours, close to Flamengo’s MENGO at US$60,361, but although the markets may seem similar in activity by that total, the spreads on Mercado Bitcoin were 15.92% for the Corinthians token and 0.66% for the Flamengo one. International volume alone, therefore, is not enough to describe the conditions found on the Brazilian platform.

The local snapshot reinforces the difference: Mercado Bitcoin recorded a volume of 909 SCCP, versus 12,869 MENGO. These are token quantities, not values in reais or dollars. For SCCP, MEXC recorded 4,790,772 tokens traded, with a 2.35% spread; FanX Protocol, a decentralized exchange, had 54,625 tokens and a 0.65% spread. The market chosen changes the reference available for evaluating the exit.

For MENGO, the reported spreads were 0.05% on both MEXC and OKX and 1.20% on Gate. These are references from other platforms. The existence of trading outside the country does not transfer those conditions to an order placed in Brazil, nor does it allow the net result to be calculated using only the lowest spread.

In the comparison shown in the chart, MENGO has the lowest spread, at 0.66%, followed by VERDAO at 9.14%, and SCCP at 15.92%. Above them are VASCO at 20.97%, SPFC at 25.67%, and SACI at 32.58%. Volumes were 157 VERDAO, 7,528 VASCO, 6,661 SPFC, and 19 SACI. The reading requires caution. Reported distance is not executed cost, and depth, order size, and fees are missing.

With SANTOS, aggregated volume was much higher: US$633,911 in 24 hours. On Binance, the spreads for the SANTOS/TRY and SANTOS/USDT pairs were 0.08% and 0.20%, respectively, with trading also on five other international platforms. BAHIA, meanwhile, appeared only on FanX Protocol, with no listed centralized market, and its quote had not been updated for five days, since September 7, 2026, and should not be treated as a current price.

The price fell; delivery requires a different inquiry

The 99.39% devaluation answers the comparison with the offering price, but it does not prove that the product stopped working. Among the uses of digital tokens, the function presented for SCCP was to provide access to polls and experiences. To assess that delivery, it would be necessary to verify which benefits remained available, under what conditions, and for which buyers. The example of the tunnel phrase documents the launch proposal, without serving as a record of execution or an inventory of what came afterward.

Regarding polls after 2022, the reporting found no documentation. The current utility remains unverified. This lack of record does not prove the program ended, just as the initial description does not prove the benefits remain available.

The club’s share still lacks documentation

The approximately R$4.38 million attributed to Corinthians should remain identified as a figure reported by the press, since no documentary confirmation of the transfer was found, and information is also lacking to deduct expenses, transfer conditions, or any obligations associated with the operation. The estimate is useful for sizing the launch, as long as its origin and limitation accompany the number.

In September 2021, during the launch period, Mercado Bitcoin announced sponsorship of Corinthians. Sponsorship and offering are separate operations. The proximity between the announcements does not turn the deals into a single revenue stream or authorize adding their amounts together.

With a market capitalization of US$102,055, SCCP had a reported circulating supply of 8,339,672 tokens, out of a maximum of 20 million. These indicators describe the asset’s market. They do not represent the revenue received by Corinthians or the club’s assets, nor do they authorize converting the price drop into a Corinthians financial loss. To do that, it would be necessary to show what exposure the club would have maintained.

In Brazil, payment with cryptocurrencies concerns the movement of money, distinct from the access to benefits presented for SCCP, which also does not amount to owning a share of Corinthians: the sources reviewed do not describe any participation in the club’s assets or revenues.

To close the books on the approximately R$4.38 million attributed to Corinthians by the press, the decisive data point would be proof of the transfer. A financial statement identifying this revenue could confirm its accounting recognition, an explanatory note could clarify its composition, and the contract would allow review of the offering split and each party’s obligations, forming the documentary set capable of confirming or correcting the estimate.

Caption: Gap between bid and ask prices in fan tokens listed on Mercado Bitcoin. Source: CoinGecko, checked on 9/12/2026, around 9:45 a.m. Brasília time. The reported spread is not the total cost of a sale: order book depth, order size, and fees are missing.

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This article was translated into English by Artificial Intelligence. You can read the original version in 🇧🇷 here.