Surprising news coming from the NBA:
Professional basketball player Spencer Dinwiddie has had a disappointing response to his offering of tokenized shares in his $34 million contract with the National Basketball Association (NBA).Cointelegraph
The regulatory filings were posted to the SEC website and only 9 of the 90 shares were sold. Each share cost $150,000 so he still raised $1.35 million but only 10% of a goal is pretty rough.
Etherscan data indicates that only eight investors participated in the offering and Dinwiddie has not acknowledged the sale’s conclusion on Twitter.Cointelegraph
It is not clear why the sale received a lackluster response. The token offering gained much hype when it was initially revealed but later fizzled out as the player faced criticism from the NBA, including a threat to ban him from the association, and then he had to revise the offering.The Block
Spencer Dinwiddie worked with William Heyn at Tritaurian Capital and they set up the SD26 LLC as the company that people were buying shares in. The shares were represented as ERC20 tokens via DREAM Fan Shares which they call PAInTs (Professional Athlete Investment Tokens).
While the sale of only nine tokens is disappointing it’s still impressive to have an income share agreement with a professional basketball player issued as a crypto-security. Had it not been accredited investors only with a minimum price of $150,000 there could have been a lot more interest.