NBA superstar Kevin Durant is facing a unique challenge as he navigates a significant investment in bitcoin. The Phoenix Suns forward, who recently transferred to play for the Houston Rockets, currently cannot access his Coinbase account, which contains a substantial amount of bitcoin that he began accumulating in 2016 during his tenure with the Golden State Warriors.
Durant’s predicament has turned into a surprising boon, according to his agent, Rich Kleiman. Speaking at CNBC’s Game Plan conference in Los Angeles, Kleiman expressed a positive outlook despite the ongoing difficulty in recovering the account details. “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 stated. The agent emphasized that the rising price of bitcoin has worked in their favor, noting, “It’s only benefited us.”
Kleiman recounted how Durant’s journey into cryptocurrency began at a dinner where discussions among teammates about bitcoin captivated them. They reportedly decided to start investing the very next day. Although specific details regarding the amount of bitcoin purchased remain undisclosed, historical price data indicates that, in 2016, the cryptocurrency ranged from approximately $360 to $1,000. Fast forward to the present, and bitcoin’s value has skyrocketed to nearly $116,000—an increase of over 11,000%.
Despite the impressive market surge, Durant has faced hurdles accessing his account due to what Kleiman referred to as “user error on our end.” The duo has been actively working with the Coinbase team to recover access, which Kleiman lightheartedly mentioned during the conference panel.
In addition to their personal investments, Durant and Kleiman have established a partnership with Coinbase. In 2021, their venture firm, Thirty Five Ventures, signed a multi-year deal with the cryptocurrency exchange, aimed at promoting the platform while also creating content related to digital assets for Durant’s sports and entertainment website, Boardroom.
Coinbase has assured customers that there are self-service tools available for password resets within its app, alongside a dedicated support team available for account recovery and other inquiries. As for Durant, the ongoing saga serves as a reminder of the complexities and potential rewards of investing in cryptocurrency—especially in such a rapidly evolving market.
