Nets sixth man Spencer Dinwiddie is in the process of converting his contract so it can be used as a digital investment tool, Shams Charania of The Athletic reports.
Dinwiddie’s deal, which he agreed to during last season, is worth $34 million over three years. By converting it to be used as an investment vehicle, Dinwiddie will receive a lump sum upfront that will likely be less than the total amount of the deal.
According to Charania, Dinwiddie’s plan is to start his own company to securitize his deal as a digital token. Dinwiddie would pay investors back principle and interest.
Dinwiddie’s deal includes a player option for the 2021-22 season, and it is unclear how opting out would impact investors. Last year, Dinwiddie took a business class at Harvard along with now-teammate Kyrie Irving.
Former NFL running back Arian Foster previously tried to do something similar but it did not pan out.
Dinwiddie is heading into his sixth season. Last season, he averaged 16.8 points and 4.4 assists.