After several months of back-and-forth with the NBA, Nets guard Spencer Dinwiddie is set to launch his digital investment vehicle on January 13, reports Shams Charania of The Athletic. Dinwiddie confirmed the news on his Twitter account.
We first heard nearly four months ago that Dinwiddie intended to turn his current NBA contract into a digital investment vehicle. The plan was for investors to secure a “Dinwiddie bond” in the form of a digital token and eventually be paid back the principal amount with interest. The veteran guard would be giving up some future income on his three-year, $34MM+ deal with the Nets in order to secure smaller lump sum payments up front, which he could then immediately invest.
The NBA objected to Dinwiddie’s plan, arguing that it violated the league’s Collective Bargaining Agreement. So, as Charania explains, Dinwiddie is no longer tying the platform specifically to his NBA contract and has removed from the league’s likeness and name from the digital token. He has turned it into what he “believes to be a safe and secured investment bond,” sources tell Charania.
While Dinwiddie and his camp are confident that the new plan will appease the NBA, the league is still reviewing final proposals and documents sent by the guard’s group, per Charania. Dinwiddie has been preparing for any potential disciplinary action from the NBA, just in case.
The machinations involved in launching his digital investment vehicle haven’t stood in the way of Dinwiddie enjoying a career year on the court. He has averaged 22.4 PPG and 6.2 APG in 36 games (30.8 MPG) for the Nets, keeping the team in the playoff mix without Kevin Durant and Kyrie Irving.
If he makes this year’s All-Star Game, Dinwiddie intends to bring eight fans and investors in his digital token along with him, according to Charania.