Brooklyn Nets guard Spencer Dinwiddie met with NBA officials on Monday as he seeks league approval over his plans to convert his contract into a digital investment vehicle.
Dinwiddie says he left the meeting feeling good.
Left the meeting just now, feeling good. Would be surprised if we don’t reach a resolution. Stay Tuned!
How investing $150K in Spencer Dinwiddie would actually work https://t.co/AV7pTkUIzB
— Spencer Dinwiddie (@SDinwiddie_25) October 21, 2019
The NBA previously stated that Dinwiddie's plan violates terms in the C.B.A. Dinwiddie signed a three-year, $34.4 million contract extension with the Nets in December of 2018.
Dinwiddie is starting his own company to securitize his NBA contract in the form of a digital token. A token is a digital currency term. The bond exists in the digital currency world. Instead of buying the bond from a broker, it is through a token.
Per ESPN's Kevin Arnovitz, Dinwiddie “wants to create a new asset class — athletes — that would allow fans and anyone else to invest in players the way you would the stock market, a treasury bond, a real estate fund or cryptocurrency. Those assets could then be traded on a platform that he is in the process of creating.”
Dinwiddie hoped to raise between $4.95 million to $13.5 million. The minimum investment was to have been $150,000.
Last season for the Nets, Dinwiddie averaged 16.8 points, 4.6 assists and 2.4 rebounds in 68 games while shooting 44.2 percent from the field, 33.5 percent from beyond the arc and 80.6 percent from the free-throw line.
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