Nas' Early Coinbase Investment Could Reportedly Net Him $100 Million
On Wednesday, Coinbase is estimated to reach a valuation of over $100 billion when it’s listed on the Nasdaq, making a 2013 investment from Nas grow even more.
Image via Getty/Noam Galai
In 2013, Nas’ investment firm, QueensBridge Venture Partners, entered Coinbase’s Series B round, back when the cryptocurrency exchange platform was valued at around $143 million. On Wednesday, it’s estimated to reach a valuation of over $100 billion when it’s listed on the Nasdaq. In other words, Nas’ early investment is about to pay off, big time.
QueensBridge makes early-stage investments between $100,000 and $500,000, according to co-founder Anthony Saleh. After dividing that investment range by Coinbase’s Series B share price from that time, Coindesk estimates that QueensBridge could now own 99,329 shares on the low end or 496,642 on the high end, which would give the firm between $34.76 million and $173.8 million worth of shares.
That value could also rise to $43.7 million and $218.5 million, respectively, if Coinbase shares trade at investment bank DA Davidson’s new price target of $440, Coindesk reports. Coindesk also reported that a source familiar with QueensBridge confirmed Nas’ company was still on the cap table.
Coinbase’s debut on the Nasdaq on April 14 at the $100 billion valuation “will mark the first official juncture between the traditional financial avenue and the alternative crypto path,” according to Swissquote senior analyst Ipek Ozkardeskaya.
“As such, a successful addition to Nasdaq should act as endorsement of cryptocurrencies by traditional investors.”