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NBA’s Spencer Dinwiddie appoints new broker-dealer for his upcoming token offering, after a failed launch in January

Quick Take

  • Spencer Dinwiddie of the National Basketball Association has hired broker-dealer Tritaurian Capital for his forthcoming token offering, after a failed launch in January.
  • Interestingly, the names of the token offering and the issuance entity have also been changed.
  • An industry insider told The Block that the NBA didn’t allow any fan-related perks for the new offering and that it will likely just be a simple bond offering.

Athlete Spencer Dinwiddie of the National Basketball Association (NBA) has hired broker-dealer Tritaurian Capital for his upcoming token offering.  

Dinwiddie sent an email to potential investors on Tuesday, a copy of which is obtained by The Block, saying that Tritaurian is “best-suited” to help bring the upcoming securities offering to accredited investors. 

"Tritaurian is a registered broker-dealer that has worked closely with regulators over the past several years to understand their perspective on blockchain and cryptocurrency," reads the email. 

Notably, North Capital Private Securities (NCPS) was initially a broker-dealer for the offering. It remains unclear whether NCPS is still involved in the project or is no longer associated. The Block has contacted Dinwiddie’s team and will update this story should we hear back.

Interestingly, the names of the token offering and the issuance entity have also been changed - from SD8 and SD8 LLC - to SD26 and SD26 LLC, respectively. Dinwiddie switched from number 8 to 26 last month to honor the late Kobe Bryant. 

SD26 LLC is still being formalized, per the email. Dinwiddie is the founder and sole member of SD26 LLC and DREAM Fan Shares LLC, an investment platform that was initially announced in September 2019, per the email. 

Details of the SD26 offering are not yet available. “Concrete” information will be revealed in the “near future,” according to the email.