Nas set to make $100m profit from early investment in cryptocurrency platform Coinbase
14 Apr 2021
Nas is about to be approximately 100 m’s richer thanks to his investment in Coinbase. The cryptocurrency exchange is expected to reach a $100 billion valuation with a it’s IPO today and thanks to some early investing HipHop legend Nas will be one of the benefactors.
Nas’ investment firm, QueensBridge Venture Partners, entered Coinbase’s Series B round, in 2013 when the cryptocurrency exchange platform was valued at around $143 million.
The firm who were also a backer of Robinhood in 2013 and later Lyft and Dropbox, makes early-stage investments of between $100,000 and $500,000, according to Jones’ QueensBridge co-founder Anthony Saleh.
CoinDesk estimates the firm’s $100,000–$500,000 stake by the share price at the time of Coinbase’s Series B ($1.00676) would mean QueensBridge owns around 99,329 shares on the low end or 496,642 on the high end. Meaning the ROI could be sit anywhere between $34.76 million and $173.8 million.
The news represents a major turning point in the world of venture capital, with everyone from rappers to Wall Street fat cats set to eat off of the cryptocurrency revolution.