Robinhood signs multi-year partnership with Miami Heat
According to an official announcement from the NBA, financial services platform Robinhood has reached a multi-year cooperation agreement with the NBA’s Miami Heat. Starting from the 2024–25 season, Robinhood’s logo will appear on the Heat’s jerseys. The partnership not only involves the NBA team, but also includes the Heat's G League affiliate, the Sioux Falls Skyforce. Robinhood's logo will appear on all jersey styles, including home, away, statement and city edition uniforms. Heat said this will increase Robinhood's brand exposure across multiple platforms.
Source: NBA Robinhood and NBA Miami Heat reach multi-year cooperation agreement
"Being able to share space with Robinhood on the front of the Heat's jerseys is no small feat," said John Vidalin, Heat executive vice president and chief commercial officer. "We are excited to partner with Robinhood and warmly welcome them to the South Florida market." He emphasized , this cooperation will help Robinhood expand its business among the Heat fan base.
This is not the first time the Heat have cooperated with the encryption industry. As early as 2021, FTX had won the naming rights of the NBA Miami Heat’s home stadium for US$135 million and renamed the home stadium “FTX Arena”. However, Following the FTX incident, a judge ruled in January 2023 to revoke FTX's naming rights to the venue.
Image source: Heat Nation FTX Arena
To enhance brand influence, Robinhood actively deploys
Robinhood, an innovative financial services platform dedicated to making investing more accessible, has helped millions of people make their first trades.
"Our partnership with the Heat ties the Robinhood brand to one of the most recognizable and successful teams in NBA history," said Michael Goodbody, Robinhood's vice president of marketing and communications. "This partnership began in Miami, but has extending to the world. We are promoting our innovative products to millions of Heat fans around the world.”
In addition, Robinhood recently became the official jersey sponsor of the Memphis Grizzlies, a partnership that will also begin with the 2024–25 season. This means that Robinhood is actively expanding its influence in the NBA, sponsoring two teams in a row, further solidifying its brand position among young and investor groups.
Source: Sports Business Journal Robinhood is also the official jersey sponsor of the Memphis Grizzlies.
Expand market territory and enter South Florida
The partnership with Heat provides Robinhood with an opportunity to expand the functionality’s presence in South Florida. The Heat have more than 5 million followers on social media platform X and more than 1 million followers on Robinhood. Through this partnership, Robinhood will be able to reach a wider audience.
KLUTCH Sports Group’s Global Partners division facilitated this transaction from start to finish. "Robinhood's mission to make finance more accessible aligns perfectly with the Miami Heat's dedication to community, culture and excellence, making this partnership a natural fit," said Andrew Feinberg, director of the division.
In addition to Robinhood, Crypto.com, also in the encryption industry, also became the jersey sponsor of the Philadelphia 76ers in 2021 and continues to this day. The operator of the Staples Center, the home stadium of the Los Angeles Lakers, also signed a 20-year agreement worth more than $700 million with Crypto.com, and officially changed its name to "Staples Center" on Christmas Day of that year. Crypto.com Arena".
Source: Sports Business Journal List of NBA team jersey sponsors
Further reading
Does the currency circle really love football? In the past four years, crypto companies have negotiated 33 sponsorship cooperations!
