By CultureBanx Team
- Nas’ QueensBridge Ventures Partners has made between $34.7M – $173.8M with Coinbase’s IPO
- Other notable Coinbase investors include Kevin Durant and Serena Williams
Nas has taken his hard-learned lessons from the main stage to the startup stage once again with his early investment in the cryptocurrency exchange Coinbase (COIN +0.91%), that is now a publicly traded company on the NASDAQ. Back in 2013, his QueensBridge Venture Partners reportedly invested in Coinbaes’s Series B round when it was valued at $143 million, now the company has a market cap of $60 billion. Nas has reportedly made $100 million from this deal in less than eight years, as hip hop artists continue to leverage their brand of expertise, along with promotional influence in the tech world.
Why This Matters: QueensBridge, which was also a backer of Robinhood in 2013 and later Lyft and Dropbox, makes early-stage investments between $100,000 and $500,000, according to QueensBridge co-founder Anthony Saleh. At the price that Coinbase shares last traded on private secondary markets – $350 per share – Nas’ firm would have a pot of somewhere between $34.76 million and $173.8 million, according to Coindesk.
The hip hop legend took to Twitter later last week to bask in his latest financial victory, writing, “Long crypto forever…. in sickness & in health.” Coinbase’s public listing rippled across the world of venture capital, with everyone from Wall Street veterans to A-list celebrities winning big, including Kevin Durant and Serena Williams who are both Coinbase investors.
Situational Awareness: Nas’ tech investor bag is big with a laundry list of notable success stories. Some of the QueensBridge portfolio companies include Pluto TV that was acquired by Viacom for $340 million, Ring and PillPack that were both acquired by Amazon for $1billion each. A few of their publicly traded companies in addition to Coinbase include Lyft (LYFT +2.61%) and Dropbox (DBX +0.19%) that have market caps of $21 billion and $10.6 billion respectively.
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