Spencer Dinwiddie has already shown himself to be a pretty good point guard and recruiter. Now, he’s adding entrepreneur and digital trailblazer to his resume.
The Nets’ point guard is looking to convert at least part of his three-year, $34 million Nets contract — which kicks in this season — into a digital investment deal that will lead to an upfront payment for himself.
In short, he’s going to sell bonds in himself to get more money at his fingertips now.
The move, first reported by The Athletic and confirmed by The Post, is the first of its kind in the NBA and involves the securitization of his contract.
Dinwiddie is effectively trading away a portion of his future income through a digital coin-backed bond in exchange for an upfront cash payment. It’s a strategy that will allow him to invest more money earlier and, in theory, ultimately create more wealth.
Late Thursday — hours after Dinwiddie retweeted a CNBC tweet of Draymond Green praising LeBron James for opening the doors for athletes to take control of their own futures — he tweeted “$btc,” the three letters symbolizing bitcoin.
Of course, Bbitcoin isn’t specifically covered in the Collective Bargaining Agreement so there could be hurdles to work through. But the plan could also change how players negotiate future deals — if successful.
The deal calls for Brooklyn’s 26-year-old guard, who has spoken before about investing in cryptocurrencies, to pay his investors principal and interest, with his contract covering what he owes.
The dangers lie in the unlikely event that the deal is voided for conduct. There are also questions about how this would impact the third year of Dinwiddie’s contract, which is a player option.
Still, the move is very on-brand for Dinwiddie. He introduces himself on his Instagram page as “Just a Tech guy with a Jumper” and hawks his own sneaker line, K8IROS.
Dinwiddie averaged 16.8 points and 4.6 assists t...