Investing in the cryptocurrency wave early is paying off for NBA star Kevin Durant and rapper Nas. They both invested in Coinbase, a cryptocurrency exchange platform, which saw a successful debut on the Nasdaq stock exchange after going public. All the deets inside…
Cryptocurrency is seemingly the future of finance and a few celebs are already cashing in.
NBA star Kevin Durant and rapper Nas hopped on the cryptocurrency wave early and it’s paying off handsomely.
This week, Coinbase – a cryptocurrency trading platform – had a BOMB debut on the NASDAQ stock exchange when it went public, which likely put some extra bags in early investors’ pockets.
According to Newsweek, Coinbase shares closed at $328 after its first day of trading, giving the company a valuation of more than $85 billion. SHEEEEEEESH!
Cryptocurrency may have started as a possible Internet fad, however, its now catching the attention of celebrities that could help push the “trend” into a multi-trillion dollar industry.
Rapper Nas has been making big moves outside of music, investing in a number of successful tech companies via his QueensBridge Venture Partners. So, it came as no surprise to learn the Queensbridge rapper made an early investment into the company in 2013 when the trading platform was only one year old. The exact amount Nas invested is being kept under wraps, however, Anthony Saleh, Nas' long time right hand and a partner at QueensBridge, told CNBC the group tends to invest between $100,000 and $500,000 in a company.
Newsweek reports:
Based on the price of Coinbase shares at the time—around $1 according to CoinDesk—it means Nas could have bought as many as 500,000 shares. Based on Coinbase's current share price this investment would now be worth around $165 million.
Durant is reported to have invested a little later during a 2017 funding round when Coinbase was valued at around $1.6 billion.
This means Durant's stake will have increased 6,150 percent, Marketwatch reports, though it is unclear how much the sports star put in.
In a 2018 interview with Durant, ESPN reported Durant tends to invest between $250,000 and $1 million. At the lower end of this range, Durant's 2017 investment would now be worth $15.3 million.
The return on investment could help Durant move closer to his goal of owning an NFL team at some point in the future.
That's $15M minimum for Kevin for what that investment is worth now, and a possible $165M for Nas. Excited about the news, Nas hopped on Twitter to tweet:
Long crypto forever.... in sickness & in health
— Nasir Jones (@Nas) April 14, 2021
"Long crypto forever… in sickness and in health,” he tweeted.
Not only is Nas making tech investments, he’s also investing into his daughter, Destiny Jones’, passions to continue building generational wealth. Cognac brand Hennessy featured Destiny in a new ad campaign where she talked about why she decided to start her own business and embark on becoming a black female entrepreneur.
Check it:
Loves it. We're totally here for creating generational wealth for black families.
Photos: Backgrid/Michael A Walker Jr/Shutterstock
source: theybf
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