NBA star Kevin Durant has been unable to access a Bitcoin stash he bought nearly a decade ago, but his agent says the slip has turned into one of his best investments.
Durant, who is set to play for the Houston Rockets this season, started buying Bitcoin in 2016 when he was with the Golden State Warriors.
His agent, Rich Kleiman, recently said at CNBC’s Game Plan conference in Los Angeles that the Phoenix Suns forward lost track of his Coinbase login details years ago, preventing him from selling.
Kleiman told the news outlet:
“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. It’s just a process we haven’t been able to figure out, but Bitcoin keeps going up … so, I mean, it’s only benefited us.”
Bitcoin traded between $360 and $1,000 in 2016. The flagship crypto now changes hands at more than $116,000, representing gains of over 11,000% from the peak price of Durant’s buying period.
Kleiman said Durant first became interested in digital assets after a dinner in 2016 where teammates repeatedly discussed Bitcoin.
He added:
“I just heard the word ‘Bitcoin’ 25 times that evening, and the next day, we started investing.”
He did not disclose how much Bitcoin Durant purchased.
Durant and Kleiman’s firm, Thirty Five Ventures, has worked closely with Coinbase, including a 2021 multiyear promotional deal with the exchange.
Kleiman said the pair has been collaborating with Coinbase to resolve Durant’s account access, calling the exchange “a valuable resource in growing our business.”
Coinbase said customers can use self-service tools in its app to reset passwords and that its support team handles account recovery requests 24/7.
Durant, a two-time NBA champion and Olympic gold medalist, is expected to make his Rockets debut in the upcoming season after a stint with Phoenix.