Which stars in the NBA and NFL are investing in cryptocurrency?

Author: Zen, PANews

Recently, retired NFL player Russell Okung reposted an old report from the sports media Bleacher Report (BR) on the X platform, which discussed his controversial choice to accept part of his salary in Bitcoin, captioning it: "Society wants to tame you, hoping you become predictable. But greatness requires wildness."

This tweet quickly garnered millions of views, and as Bitcoin broke the $90,000 mark, many began to realize how correct Okung's controversial choice was at the time.

In North American sports, there are many celebrities and athletes like Okung who are enthusiastic about Bitcoin. For example, a 2019 report by BR stated that NFL quarterback Matt Barkley had requested to be paid in Bitcoin by the San Francisco 49ers and Cincinnati Bengals, but both requests were denied. Notably, Barkley played for these two teams from 2017 to 2018, a time when Bitcoin was far from mainstream acceptance. Now, investing in Bitcoin has become commonplace, and there have been precedents for directly converting salaries into Bitcoin in the NFL and NBA.

In this article, PANews will review well-known NFL and NBA players who are actively investing in the crypto market, with information sourced from their public statements or overseas media reports. While they have reaped substantial rewards in the crypto industry, they have also contributed to the popularization of cryptocurrencies through their actions and words.

Spencer Dinwiddie

Despite having switched teams multiple times this year and declining performance on the court, Dallas Mavericks guard Spencer Dinwiddie has likely seen significant gains from his off-court cryptocurrency investments. This "crypto pioneer" in the NBA was first introduced to Bitcoin in 2014 by a friend in finance, but due to the many horror stories of failed investments in the NBA, the then 21-year-old rookie with a salary of only $1 million was hesitant to dive in and opted for more traditional and stable real estate investments.

In December 2016, Dinwiddie signed a three-year, $2.9 million contract with the Brooklyn Nets, at which time the price of one Bitcoin was about $775, and by the end of the regular season, it had already doubled. During that season, Dinwiddie finally proved his worth and established his position on the Nets, while also resolving not to miss out on Bitcoin's price growth again. In the fall of 2017, as the new NBA season began, Dinwiddie started closely monitoring his investments. Before games, while most players were busy getting into "the zone" here, he would open the cryptocurrency trading app Coinbase in the locker room to observe and study the market. As he began to perform at a career-best level, Bitcoin's price also skyrocketed, tripling by the end of the year to reach $15,000. Additionally, he began researching relatively lesser-known tokens, such as Tron, from which he earned a fivefold return upon exiting.

By December 2018, after nearly All-Star level performances, Dinwiddie received a three-year, $34.36 million contract extension from the Nets. The following year, he overcame NBA official resistance to convert his contract into an investment tool called Dream Fan Shares, through which he planned to sell 90 SD8 tokens or Professional Athlete Investment Tokens (PAInT), but ultimately only sold 10%, far below the $13.5 million target. Furthermore, Dinwiddie co-launched the creator social marketplace Calaxy, which has raised at least $33.5 million in funding.

In October of last year, during an interview with renowned sports journalist Michael Scotto, Dinwiddie discussed his post-retirement plans, stating that Calaxy's current valuation is in the nine figures, and if it reaches ten figures in the next cycle, he would "fully enjoy retirement." (Some Chinese sports media mistakenly interpreted this as Dinwiddie disclosing that he owns over $100 million in cryptocurrency assets.) However, even if Dinwiddie does not receive his salary in Bitcoin as rumored, he has never actively disclosed that his cryptocurrency assets exceed nine figures, but as an early bettor on Bitcoin and a millionaire, his returns over the years must be substantial.

Klay Thompson & Andre Iguodala

Left: Andre Iguodala, Right: Klay Thompson

Dinwiddie's current teammate, Klay Thompson, who just joined the Dallas Mavericks, is currently the most prominent player publicly supporting receiving part of his salary in Bitcoin. This former "Splash Brother" alongside Stephen Curry stated in a tweet: "I invest in Bitcoin because I believe it is the future of currency."

In January 2022, after suffering from a torn ACL and Achilles injury, Klay finally announced his return after being away from the court for two and a half years. Perhaps during his recovery and rehabilitation, Klay was recommended by teammate Andre Iguodala. After Klay's return, both immediately announced a partnership with Cash App to convert part of their salaries into Bitcoin and donated $1 million worth of BTC to fans. Iguodala tweeted: "I converted part of my salary into Bitcoin using Cash App! Bitcoin is the future, and Klay Thompson and I are believers in Bitcoin."

That season, Klay's contract earnings were about $40 million, while the details of Iguodala's veteran minimum contract were not disclosed, but it was estimated to be around $3 million. However, as a well-known tech investor in the NBA, Iguodala had already reaped substantial returns through venture capital, allowing him to convert all his earnings that season into Bitcoin. According to Buy Bitcoin Worldwide, Iguodala received $2.647 million of his salary in Bitcoin. Klay, who was "led into the door" by Iguodala, should also hold at least this magnitude of Bitcoin assets.

Cade Cunningham

Detroit Pistons star Cade Cunningham joined the NBA as the first overall pick in 2021. This mature and highly intelligent rookie seems to have a keen insight into investment and finance as well. Before the season started, he announced an exclusive multi-year partnership with BlockFi. As part of the partnership, BlockFi would provide Cunningham with a signing bonus paid directly in Bitcoin to his BlockFi account. "What interests me about cryptocurrencies is their usability, democracy, and consensus foundation, as well as their ability to evolve over time to meet the changing needs of financial consumers, including myself," Cunningham stated in a press release.

After the collapse of FTX, which led to BlockFi's bankruptcy, many recalled Cunningham's business partnership with the latter. According to Crain's Detroit Business, a source familiar with the partnership stated that the Bitcoin bonus Cunningham received was quite small compared to the cash endorsement fees he received from BlockFi. Since then, there have been no further reports regarding Cunningham's crypto investments. In fact, compared to his five-year, $224 million max extension contract with the Pistons, any potential 2-3x Bitcoin returns he might have received are indeed negligible.

Tyrese Haliburton

Earlier this year, during the annual NBA All-Star Weekend, Coinbase hosted an event called "moonshot," where Indiana Pacers star point guard Tyrese Haliburton was interviewed by CoinDesk during the event. He mentioned that he had heard about Bitcoin a few years ago while in college, and Dinwiddie was the first in the NBA to express an opinion on it. "The first cryptocurrency I encountered was Ethereum because that was the blockchain I used for NFTs, so I invested heavily in Ethereum. I want to get into Bitcoin because it is the blue-chip stock of cryptocurrencies."

Haliburton stated that due to his personal schedule, he does not engage in day trading, but his brother often does. "So I can imagine taking a large sum from my contract and giving it to my brother for day trading while I watch the market drop. I can absolutely envision that as a possibility." Haliburton indeed has the potential to do so—last July, this All-Star guard re-signed with the Pacers on a five-year contract worth up to $260 million.

Scottie Pippen

In July of this year, Scottie Pippen entered the cryptocurrency space. The NBA legend who helped Jordan build the Bulls dynasty first teased on social media and later launched a fan token called Game 5 Ball ($BALL) on the Ethereum blockchain in August, which is tied to the game ball from Game 5 of the 1991 NBA Finals. Shortly after the token was issued, blockchain detective ZachXBT discovered that the developer wallet that created the token contract almost immediately sold off about $330,000 worth of the token supply, sparking strong backlash from the community. As of November 19, the circulating market cap of $BALL was approximately $5.6 million.

Related: Pippen, who once asked "Ethereum or Solana?" and had issued NFTs, is set to return to the crypto space for more activities.

Notably, although Pippen faced criticism and ridicule for his actions surrounding Game 5 Ball, he "unexpectedly" almost predicted Bitcoin's surge. In September of this year, Pippen tweeted that Satoshi had told him in a strange dream that Bitcoin's price would reach $84,650 on November 5. Ultimately, on November 5, Bitcoin's price was close to $70,000, and a week later, it indeed approached $85,000.

Russell Okung

At the end of 2020, Russell Okung, who joined the Carolina Panthers, announced that he would receive half of his $13 million salary in Bitcoin. However, according to The Verge, the Carolina Panthers confirmed to the media that all teams pay players' salaries in dollars. The article also stated that Okung's move might have been to promote the Bitcoin Lightning Network payment company Zap, allowing anyone to receive their salary "in Bitcoin" at any time.

Eventually, Okung and Strike, a subsidiary of Zap, announced a partnership that would enable him to receive part of his salary in Bitcoin. Six months later, when Bitcoin's price surged to $60,000 and then quickly fell, he stated that he would not sell his Bitcoin even if the crypto market declined, but he has not publicly disclosed his investment strategy since then. It is speculated that if Okung still holds the 240 Bitcoins he purchased with half of his 2020 salary, those Bitcoins would now be worth over $20.9 million.

Trevor Lawrence

In April 2021, just after being selected as the first overall pick in the NFL Draft, Trevor Lawrence signed a deal with FTX to promote the company's investment app Blockfolio. FTX stated that this was the first deal where the "signing bonus was fully paid in cryptocurrency." According to USA TODAY, Lawrence's investment portfolio includes mainstream cryptocurrencies such as Bitcoin and Ethereum, and he has also invested in the Solana blockchain.

In June 2022, as the crypto market entered a bear phase, rumors circulated on social media that Lawrence had converted his entire $24 million signing bonus into cryptocurrency and lost $15 million. Lawrence later denied on Twitter, stating that those people confused the NFL first overall pick's $24 million signing bonus with the signing bonus from FTX. According to Bloomberg, the bankruptcy filing of an FTX affiliate stated that Lawrence received a payment of $500,000 in September 2022. Additionally, other athletes who were sued for endorsing FTX include Tom Brady, Stephen Curry, Shaquille O'Neal, Naomi Osaka, and Shohei Ohtani, but these wealthy top athletes do not seem to be interested in this emerging field, nor have they disclosed any cryptocurrency-related investments.

Saquon Barkley

"We've seen inflation, and we realize that wealth cannot be preserved. That's why I want to use Bitcoin for my marketing funds." In July 2021, during a guest appearance on Pomp Investments founder Anthony Pompliano's new YouTube show "Best Business Show," New York Giants star running back Saquon Barkley announced that he would work with Strike to receive 100% of all future endorsement contracts in Bitcoin. Barkley has endorsement deals with well-known brands such as Nike, Toyota, and Pepsi. Pompliano analyzed that Barkley's endorsement fees "exceed $10 million annually."

Aaron Rodgers

On November 21, 2021, quarterback Aaron Rodgers tweeted that he had partnered with Square's CashApp to convert an undisclosed portion of his 2021 salary into Bitcoin. Similar to Klay and Iguodala's actions mentioned above, Rodgers also announced that he would donate $1 million worth of Bitcoin. At that time, the 37-year-old player had signed a four-year, $134 million contract with the Green Bay Packers, averaging $33.5 million per season.

Odell Beckham Jr.

"Who still says it was stupid for me to receive my salary from the Rams in Bitcoin?" On November 14, after Russell Okung celebrated the surge in Bitcoin, Odell Beckham Jr. also publicly responded to past doubts.

On November 22, 2021, wide receiver Odell Beckham Jr., playing for the Los Angeles Rams, tweeted that he would collaborate with CashApp to receive his new full salary in Bitcoin. Beckham's contract included a base salary of $750,000, a signing bonus of $500,000, and $3 million in incentives, and since he won his first Super Bowl with the team, Beckham ultimately earned a substantial bonus.

Sean Culkin

Kansas City Chiefs tight end Sean Culkin was the first NFL player to announce that he would convert all of his salary into Bitcoin. In April 2021, ESPN reported that Culkin was signed by the Chiefs in February on a reserve/future contract and planned to convert his entire $920,000 salary into Bitcoin. Culkin stated, "I want to do this because I believe Bitcoin will continue to rise in the long term," adding, "In the long run, it is a store of value. The reason Bitcoin is so hard to grasp is because of its scarcity. If you look back through history, you will find that it appreciates over time."

However, a month after Culkin announced this plan, he was cut by the Chiefs. Since such contracts are typically non-guaranteed, he may not have received any remaining salary. Since then, he has not played for any team. However, from his laser-eyed avatar and background image featuring the word "bitcoin" on his X profile, it is clear that Culkin is indeed one of the few Bitcoin loyalists among athletes.