NBA star Kevin Durant has found himself in a unique predicament: he is unable to access a significant stash of Bitcoin acquired nearly a decade ago. However, Durant’s agent, Rich Kleiman, insists that this oversight has turned into one of his most profitable financial decisions.
Durant began investing in Bitcoin back in 2016 while playing for the Golden State Warriors, a time when the cryptocurrency was still in its early stages of public awareness and value. According to Kleiman, the Phoenix Suns forward lost track of his Coinbase login credentials several years ago, which has prevented him from liquidating any of his assets.
In a recent discussion at CNBC’s Game Plan conference in Los Angeles, Kleiman elaborated on the situation, stating, “We’ve yet to be able to track down his Coinbase account info, so we’ve never sold anything, and this Bitcoin is just through the roof.” He emphasized that while they haven’t managed to resolve the login issue, the continued surge in Bitcoin’s value has only played to their advantage.
Bitcoin was trading in the range of $360 to $1,000 during the time Durant was acquiring it. Currently, Bitcoin’s price has soared to over $116,000, marking an astonishing increase of more than 11,000% since Durant’s initial investments. Kleiman mentioned that Durant was first introduced to the concept of digital currencies during a dinner conversation with teammates, where the term “Bitcoin” was mentioned repeatedly, prompting them to explore investment opportunities in the cryptocurrency space.
Although specific figures regarding the amount of Bitcoin purchased have not been disclosed, Durant’s investment has clearly paid off substantially, even if access to those assets remains elusive.
Kleiman also noted that Durant and their firm, Thirty Five Ventures, have established a closer relationship with Coinbase, including a promotional deal launched in 2021. He expressed confidence in Coinbase’s capacity to assist them with recovering Durant’s account, describing the exchange as “a valuable resource in growing our business.”
Coinbase has stated that customers can utilize self-service tools within their app to reset passwords and that their support team is actively available around the clock to handle account recovery requests.
As Durant prepares for his upcoming season with the Houston Rockets, transitioning from a previous stint with the Phoenix Suns, this intriguing cryptocurrency saga adds an unexpected layer to his already impressive career as a two-time NBA champion and Olympic gold medalist.
