"Adidas will withdraw its opposition...as soon as possible," a spokesperson for the company said, without further explanation.
The German firm had filed the complaint two days earlier with the US trademark office, citing BLM's 2020 request to trademark three yellow stripes for its logo. Adidas had argued that this design was too close to its famous three-stripe design.
Critics accused Adidas of being overly litigious and targeting a group founded to advocate for a minority group against the threat of violence.
BLM Global has become the most recognizable face of a mostly decentralized movement to protest police brutality and other forms of violence against Black communities, both in the US and worldwide. It gained particular momentum in the wake of the murder of George Floyd in Minneapolis in 2020.