NBA superstar Kevin Durant has successfully regained access to his Coinbase account containing Bitcoin purchased nearly a decade ago, the cryptocurrency exchange confirmed on Thursday. The resolution comes after Durant's agent, Rich Kleiman, revealed earlier this week at CNBC's Game Plan conference that the basketball star had been unable to access his account due to lost login credentials.
Durant first entered the Bitcoin market in late 2016 when the cryptocurrency was trading at approximately $600, following a birthday celebration where Bitcoin became a central topic of discussion among Golden State Warriors teammates. According to Kleiman, "I just heard the word 'Bitcoin' 25 times that evening, and the next day, we started investing in Bitcoin."
The recovered Bitcoin holdings have generated extraordinary returns, with the cryptocurrency recently trading around $117,100 - representing gains of over 19,400% from Durant's initial purchase price. Kleiman acknowledged that the inability to access the account ultimately benefited the investment, stating "We've never sold anything, and this Bitcoin is just through the roof... it's only benefited us."
Kleiman clarified that the account recovery process had been ongoing with Coinbase's assistance, calling the exchange "a valuable resource in growing our business." He characterized his conference comments as a joke, explaining "It was a user error on our end, and the process has been clear from the jump."
Durant and Kleiman have maintained a longstanding relationship with Coinbase, including a multi-year promotional deal since 2021 and investments through their Thirty Five Ventures fund since 2017. The NBA star joins other professional athletes like Tristan Thompson and Spencer Dinwiddie who have embraced cryptocurrency investments.
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