NBA‘s Spencer Dinwiddie raises 10% of target in token sale

Spencer Dinwiddie a Brooklyn Nets point guard has raised $1.35 million only 10 percent of his target goal via the sale of the SD26 Professional Athlete token.

The security token offering allowed investors to buy a stake in his $34 million NBA contract by purchasing SD26 Ethereum-based tokens. Also, the token sale, which closed earlier this month, offered up a total of $13.5 million worth of shares. But, according to a SEC filing, Spencer Dinwiddie was only able to raise $1.35 million from his investors.

Although he did not hit his target, the NBA star pulled off the historic sale of tokenized shares in his contract. The poor sale invariably indicates that Spencer Dinwiddie, who has become the NBA’s de-facto crypto hype man, will not succeed in garnering the $13.5 million in tokenization revenue he targeted.

Only eight investors participated in Spencer Dinwiddie token sale

According to Etherscan data, an Ethereum block explorer, only eight investors participated in Spencer Dinwiddie token sale, with one of the entities purchasing two shares.

Tritaurian Capital, which Dinwiddie appointed as his broker-dealer in March, oversaw the sale and closed it. Although choosing to remain quiet on question, Tritaurian hinted that there might not be any further rounds of the offering.

Other celebrities embracing crypto

It’s also worth the Sacramento Kings, became the first NBA team to accept Bitcoin for promotional products as well as for tickets. While, last August, the Dallas Mavericks became the second NBA team to accept Bitcoin (BTC) as a means of payment for match tickets and merchandise.

Also, notable personalities such as legendary American professional boxer Mike Tyson was previously spearheading a new blockchain-based entertainment platform for fighters dubbed Fight to Fame.

Grammy-nominated rapper, Akon also disclosed his vision to launch his forthcoming Akoin cryptocurrency and a blockchain-powered city in his hometown, Senegal.

Additionally, Hollywood actor Ashton Kutcher has investments in crypto exchange, BitBay. Also, his firm Sound Ventures is backing Unikrn, an eSports betting digital platform.

Other notable mentions include Lionel Messi and Luis Suarez, Floyd Mayweather, Steven Seagal, Luis Suarez, and Dennis Rodman.

 

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