Home Stock Market NBA star Kevin Durant invested in Coinbase back in 2017, so his...

NBA star Kevin Durant invested in Coinbase back in 2017, so his investment is now 53 times worth.


Cryptocurrency platform Coinbase Global Inc.
COIN,
-1.29%

became the most valuable US exchange on Wednesday as it closed its trading day at $ 328.28, valuing the company at a close $ 86 billion on a dilute basis.

Brooklyn Nets star Kevin Durant, the third highest income earner in the NBA, is one of those investors who both make money from IPO Coinbase.

Through their investment firm Thirty Five Ventures, Durant and his business partner Rich Kleiman invested in Coinbase in 2017. At the time, Coinbase was securing their capital. Sponsorship chain D. That round of funding raised over $ 100 million with a valuation of $ 1.6 billion, according to the report business reporter Joe Pompliano.

Company, users mainly transact in bitcoin
BTCUSD,
+ 0.40%

and ethereum
ETHUSD,
+ 3.74%
,
currently has a valuation 53 times higher than when Durant invested, signaling a huge leap in the value of his investment.

It’s not clear how much Durant invested in Coinbase in 2017, but he’s made millions of dollars of investments in the past, such as $ 1 million invested in Postmate before it sold to Uber
UBER,
+ 2.61%

in 2020. A $ 1 million investment in Coinbase in 2017 will be worth more than $ 53 million today.

Durant and Thirty-five joint ventures have also invested in a number of startups These include financial services firm Acorns, esports organization Andbox, and alternative wealth management firm Alt.

Another noteworthy Investors make money from the Coinbase IPO is a PayPal billionaire
PYPL,
+ 2.51%

and LinkedIn co-founder Reid Hoffman, a liberal hedge fund manager turned venture capitalist Dmitry Balyasny, Google
GOOG,
+ 1.70%

GOOGL,
+ 1.82%

Venture capital founder Bill Maris and political strategist and investor Bradley Tusk.

Cryptocurrency exchange Coinbase Global shares rose 1.4% on Thursday and some Wall Street analysts still say Coinbase is a buy.

In Thursday afternoon trading, stock benchmark such as the Dow Jones Industrial Average
DJIA,
+ 0.83%

up 282 points, or 0.8%, of the S&P 500
SPX,
+ 1.03%

are trading 42 points higher, up 1% and the Nasdaq Composite Index
COMP,
+ 1.23%

160 points increase, or 1.2%.



RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments