Irving declined to apologise for last week's social media post about a book and movie with alleged antisemitic tropes, nor answer explicity when asked if he was antisemitic during a Thursday press conference.
NBA Commissioner Adam Silver had expressed his disappointment on Thursday that Irving had "not offered an unqualified apology".
The franchise responded later on Thursday with a press statement confirming Irving would be suspended for a minimum of five games with no pay, adding he is "currently unfit to be associated with the Brooklyn Nets".
Approximately four hours following that announcement, the seven-time All-Star posted an apology on Instagram.
"To All Jewish families and Communities that are hurt and affected from my post, I am deeply sorry to have caused you pain, and I apologize," Irving wrote.
"I initially reacted out of emotion to being unjustly labeled Anti-Semitic, instead of focusing on the healing process of my Jewish Brothers and Sisters that were hurt from the hateful remarks made in the Documentary.
"I want to clarify any confusion on where I stand fighting against Anti-semticism [sic] by apologizing for posting the documentary without context and a factual explanation outlining the specific beliefs in the Documentary I agreed with and disagreed with.
"I had no intentions to disrespect any Jewish cultural history regarding the Holocaust or perpetuate any hate. I am learning from this unfortunate event and hope we can find understanding between us all.
"I am no different than any other human being. I am a seeker of truth and knowledge, and I know who I Am."