Report: Nets' Spencer Dinwiddie Converts New Contract into Digital Investment

Rob Goldberg@TheRobGoldbergFeatured ColumnistSeptember 13, 2019

Brooklyn Nets' Spencer Dinwiddie in action during the second half in Game 2 of a first-round NBA basketball playoff series against the Philadelphia 76ers, Monday, April 15, 2019, in Philadelphia. 76ers won 145-123. (AP Photo/Chris Szagola)
Chris Szagola/Associated Press

Spencer Dinwiddie is planning to turn his three-year, $34.36 million extension with the Brooklyn Nets into a digital investment vehicle, per Shams Charania of The Athletic.  

The guard first agreed to the extension in December after making less than $2 million during each of his first five seasons in the NBA.

With this securitization, Dinwiddie would receive a smaller payment in a lump sum, which would then allow him to immediately invest in a bond that exists as a digital currency.

The 26-year-old would be starting his own company in order to facilitate this type of deal.

Though no one has utilized this method of payment in the NBA, former NFL running back Arian Foster listed himself as a private stock in 2013. Current players like Vernon Davis and Alshon Jeffery followed his lead with initial public offerings.

Dinwiddie has also been outspoken about his support for cryptocurrency, explaining to 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.

He has continued to discuss digital currency on Twitter:

Spencer Dinwiddie @SDinwiddie_25

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

Spencer Dinwiddie @SDinwiddie_25

Bitcoin? October? Book mark this tweet... https://t.co/tohljFXrkI

The latest move places an even bigger investment in digital tokens and himself.