Investing in the cryptocurrency wave early is paying off for NBA star Kevin Durant and rapper Nas.
According to Newsweek, Coinbase shares closed at $328 after its first day of trading, giving the company a valua-tion of more than $85 billion.
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 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.
Based on the price of Coinbase shares at the time — around $1 ac-cording 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%, Marketwatch re-ports, 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. That’s $15M minimum for Kevin.