Spencer Dinwiddie Turning His $34 Million NBA Contract Into A Tokenized Investment Vehicle
Spencer Dinwiddie is planning to tokenize his $34.36 million three-year contract with the Brooklyn Nets.
The idea is Dinwiddie would be selling bonds that exist as a digital currency that would entitle the purchasers a cut of Dinwiddle’s $34 million contract, plus interest. He would be receiving a smaller payment in a lump sum of cash all at once.
The 26-year-old would then use the cash to generate income. Though he would be giving up a portion of his future salary, he would be banking on the rate of return from investments as he would have more money to invest immediately that he otherwise would.
Dinwiddie would be starting his own company to facilitate this deal.
This might be the first time in the NBA, but in the NFL, former running back Arian Foster listed himself as a private stock in 2013. Then current players Alshon Jeffery and Vernon Davis followed his lead with initial public offerings (IPO).
However, NBA is not new to cryptocurrencies.
Just last month Dallas Mavericks became the second NBA team to accept Bitcoin as a payment for merchandise and match tickets. The Sacramento Kings was the first one to accept BTC for promotional products as early as 2014.
Dinwiddie Is a Bitcoiner
Dinwiddie is also a Bitcoiner who told Bleacher Report's Leo Sepkowitz last October that he owned thousands of dollars worth of Bitcoin.
“If I woulda gone all-in, boy, I'd be loaded right now. I'd be rolling in it,” he said at the time.
“BREAKING: @SDinwiddie_25 is a Bitcoiner,” Tweeted Anthony Pompliano, Bitcoin proponent and Co-founder of Morgan Creek Digital, earlier this month.
— Spencer Dinwiddie (@SDinwiddie_25) September 13, 2019
He continues to talk about cryptocurrencies on twitter,
“CRYPTO COMMUNITY, I saw a lot of red amongst the top100 today. Shill me your favorite coin I’ve got some money burning a hole in my pocket. $Xrp $trx $btc $bnb $nano,”
Tweeted Dinwiddie last year.
— Spencer Dinwiddie (@SDinwiddie_25) October 26, 2018
Now with this latest move, he has taken a bigger step in the cryptocurrency market.