NBA Star Spencer Dinwiddie Sells Only 10% In His $34 Million Tokenized Contract
NBA Star Spencer Dinwiddie Sells Only 10% In His $34 Million Tokenized Contract
July 24, 2020
NBA Star Spencer Dinwiddie Sells Only 10% In His $34 Million Tokenized Contract
NBA Star Spencer Dinwiddie Sells Only 10% In His $34 Million Tokenized Contract
July 24, 2020

Spencer Dinwiddie, the National Basketball Association (NBA) player, has sold only 10% in his $34 million tokenized contract with the NBA.   

It has been reported that the token sale concluded almost one year after he first announced his intention to issue security tokens representing fractionalized ownership in his NBA contract, with each ‘SD26 Professional Athlete Token’ representing a $150,000 stake in the contract.

However, the Brooklyn Nets guard aimed to sell 90 shares worth $13.5 million, but Form D regulatory filings submitted to the US Securities and Exchange Commission (SEC) reveals that only nine shares were issued in exchange for $1.35 million, a mere 10% of Dinwiddie’s target. 

Etherscan data indicates that only eight investors participated in the offering and Dinwiddie has not acknowledged the sale’s conclusion on Twitter.

The report said that after announcing his intention to issue tokenized shares in his contract during September 2019, Dinwiddie faced stiff opposition from the NBA, which initially threatened the termination of Dinwiddie’s contract should he proceed with the sale.

ALSO READ :  Huobi Chain's Testnet Now Live For Public Beta Testing

Likewise, after a string of delays, the SEC filing indicates that Dinwiddie’s began selling the tokens from January 10.

In May, Dinwiddie also launched an unsuccessful crowdfunding campaign seeking to sell the contract for the cash equivalent of 2,635.8 Bitcoins (BTC), equating to $24.6 million at the time.

Thus, the saddened news is that Dinwiddie will not be participating in the upcoming NBA restart after testing positive for COVID-19 at the start of July.

Source: Cointelegraph | Image: Newsday


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!