An NBA player who is trying to create a new option for athletes receive a large chunk of their enormous contracts up front via securitization is being stymied by the NBA, which has said it’s still reviewing a revised plan from Brooklyn Nets’ Spencer Dinwiddie to sell a new crypto-bond on a proprietary platform he developed with a crypto-focused startup.
In many ways, the “Spencer Dinwiddie Bond” is a modern twist on a bond backed by musician David Bowie’s catalogue revenues.
That bond holds a special place in fixed-income market history, mostly as a novelty, but also increasingly as a way for musicians with valuable catalogues to try and generate money for investments or tax payments.
“Spencer Dinwiddie’s advisers provided us with new information regarding a modified version of their digital token idea, which we are reviewing to determine whether the updated idea is permissible under league rules,” the NBA said in a statement.
Yesterday, Dinwiddie retweeted a Forbes reporter who claimed that the “long awaited release of his SD8 securities-backed bond” would happen on Monday.
We’re just one day from @SDinwiddie_25‘s long-awaited release of his SD8 securities-backed bond. For @ForbesSports, the #Nets star told me why he’s doing it, how the #NBA threatened to terminate his contract & how his season has progressed https://t.co/OeNgYieYxv #cryptocurrency
— Shlomo Sprung (@SprungOnSports) January 12, 2020
Dinwiddie also tweeted that the bond would launch on Monday, and that he’d be taking 8 fans to All Star Weekend with him.
The Spencer Dinwiddie bond launches January 13th. I’ll also