Copa del Rey: Atlético ($ATM) vs Real Sociedad ($RSO) in Fan Token Final

This Saturday, two Fan Token clubs will bid to capture their first silverware of the season as Atlético Madrid and Real Sociedad clash in the Copa del Rey final.

For Atlético, the match represents a chance to complete part one of an ambitious double, Diego Simeone’s men having eliminated Barcelona in the Champions League quarterfinals midweek. 

For Real Sociedad, an opportunity to replicate their Copa del Rey triumph of six years ago.

So, who’s likeliest to lift the trophy?

Who will win the 2026 Copa del Rey?

According to Polymarket, Atlético Madrid enter the final as favourites, with a 68% likelihood of victory against 31% for Real Sociedad. 

Despite the market backing Atlético, the Madrid club are actually on a poor run having lost five of their last six games dating back to March 18. Admittedly, though, three of those were narrow defeats to Barcelona and Real Madrid, the top two in La Liga.

Real Sociedad, meanwhile, are three places behind Atlético in the league (7th) and dispatched the likes of Athletic Bilbao, Alavés, and Osasuna en route to the Copa del Rey final. 

Interestingly, the last time the finalists met in this competition, four years ago in the last-16, Sociedad won 2-0. 

With Atlético on a high after progressing to their first UCL semifinal since 2017, they are clearly expected to win in Seville on Saturday. But it’s also possible their exertions midweek will have taken a toll on the players and an upset could be on the cards.

$ATM vs $RSO: The first Spanish Fan Token final

Saturday’s game marks the first time two Fan Token clubs have met in the Copa del Rey final, although Barcelona have won the title twice (2021, 2025) since launching their token, $BAR, in 2020.

The fact that there’s a Fan Token derby in the Copa del Rey final won’t have escaped the attention of SportFi traders. 

Indeed, the Atlético Madrid Fan Token ($ATM) is building momentum, its price having risen by 10.2% over the past seven days (see below). Might it climb higher ahead of the final, given it’s still two days away?

The $ATM token attracted a trade volume of over $10.3M around the time of the Barcelona game, and though many will argue the UCL is a special case, Saturday’s game is also huge: Atlético haven’t lifted a trophy since winning La Liga five years ago, and it’s been six years since Real Sociedad won the Copa del Rey.

The effect of an upset win on the value of Real Sociedad Fan Token ($RSO) could also be significant. After all, while Atlético still have a chance of winning a title regardless of Saturday’s result, this is a rare shot at glory for the Basque club. 

The highest price set by $RSO, $0.841, was reached last May, and it’s well down since – although it has climbed 13.9% in the last 24 hours.

Which other Fan Tokens have met in a final?

It is becoming more common for finals to be contested between Fan Token clubs. Just last month, Manchester City ($CITY) defeated Arsenal ($AFC) 2-0 in the League Cup final, a result that caused an intraday spike of 3.8% for the $CITY token.

Last year’s FA Cup final between Crystal Palace ($CPFC) and Manchester City ($CITY) is another example: in the week following Palace’s shock win, the value of $CPFC jumped 8.7%.

Interestingly, there have been Fan Token face-offs in cup finals in England, Italy, Turkey, and even Peru – but never in Spain. Until now.

Whoever wins this year’s Copa del Rey, expect fan sentiment to show up on-chain.

Ronnie McCluskey: Fan Tokens Market Reporter