The NBA has prohibited Spencer Dinwiddie from using his contract as a digital investment vehicle.

Dinwiddie had planned to convert part of his three-year, $34.4 million contract into an investment and potentially realize profits in 2021 when he is expected to become a free agent again.

“According to recent reports, Spencer Dinwiddie intends to sell investors a ‘tokenized security’ that will be backed by his player contract. The described arrangement is prohibited by the C.B.A., which provides that ‘no player shall assign or otherwise transfer to any third party his right to receive compensation from the team under his uniform player contract.’ ”

Dinwiddie hoped to raise between $4.95 million to $13.5 million. The minimum investment was to have been $150,000.