Coinbase IPO ‘monumental moment for the crypto ecosystem’: Blockchain expert
Kristin Smith, executive director of the Blockchain Association, weighs in on the Coinbase IPO and cryptocurrencies.
Kevin Durant sat out Wednesday night — as his bank account soared.
COINBASE BACKERS INCLUDE MARC ANDREESSEN, RAPPER NAS
On Wednesday, the Nets star saw his Coinbase investment pay off when the digital currency exchange platform hit the public markets with a whopping $86 billion valuation. It marks Durant’s largest investment victory to date with his Thirty Five Ventures company.
The cryptocurrency stock closed at $328.28 in its first day of trading, following a mid-day peak at $429.
Durant initially invested in Coinbase in 2017, making his investment worth 54-fold after Wednesday’s news, according to Sportico. Since 2017, he has invested in around 50 startups.
COINBASE IPO, CYPTO'S FIRST: WHAT TO KNOW
In a 2018 interview with ESPN, Durant revealed that most of his investments have ranged anywhere from $250,000 to $1 million. Therefore, a $250,000 investment in Coinbase in 2017 would be worth $13.5 million at Wednesday’s closing price, per Sportico.
Coinbase, since its 2012 inception, has soared in the cryptocurrency market with its advertised easy-to-use model. In late 2020, revenue more than doubled to $1.1 billion, according to the website. Though, that was pocket change compared to the first quarter of 2021, in which Coinbase announced preliminary revenue of $1.8 billion, up nine-fold.
Durant’s massive payday adds to the $39 million salary he will collect this season with the Brooklyn Nets — in addition to an estimated $35 million from his media and film ventures and sponsorships with brands including Nike, Degree, YouTube and Master & Dynamic.
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The two-time NBA champion founded Thirty Five Ventures in 2017, alongside his longtime business manager Rich Kleiman. The company incorporates the duo’s existing business entities, including Durant’s personal brand/marketing portfolio, investments and on-court contracts, as well as the Kevin Durant Charity Foundation and the multi-channel sports business network, The Boardroom.
Durant has said the best business advice he’s been told is: "Don’t do things just for money. Don’t do things just for fame. Do things because you feel right and it feels true."
Coinbase certainly felt right.
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