On Wednesday, the cryptocurrency exchange Coinbase will make its initial public offering on the Nasdaq. The company is expected to be valued at over $100 billion when its $COIN stock debuts. A number of angel investors, including legendary rapper Nas, are set to see a major profit upon its listing. Nas’ QueensBridge Venture Partners got involved with Coinbase in its Series B round of fundraising in 2013.
At the time, Coinbase was valued at about $143 million. With valuation over $100 billion, the company’s value has grown nearly 70,000 percent in eight years. According to Nas’ QueensBridge Venture Partners co-founder Anthony Saleh, the group made early-stage investments between the amounts of $100,000 and $500,000. After a bit of market math, that investment would put them within the range of $34 and $173 million of profit.
“I was thinking [$300 billion]!,” Saleh wrote on Twitter in response to a journalist’s prediction that Coinbase would receive a $200 billion valuation from NASDAQ.
QueensBridge also invested early on the stock exchange app Robinhood, as well as FanDuel, Dapper Labs (the team responsible for NBA Top Shot), ride-share app Lyft and storage app Dropbox. Additionally, the group reportedly pulled in about $40 million when Amazon acquired the doorbell camera company Ring. Jones’ friendship with Ben Horowitz, co-founder of venture giant Andreessen Horowitz–one of Coinbase’s main backers–led to the lucrative deal.
Stay tuned for further updates on Nas and his lucrative business ventures. Stream his Grammy-winning album with Hit-Boy, King’s Disease, on all major digital streaming platforms.
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