Nas’ Investment In Coinbase Could Make Him $100 Million
His investment group, QueensBridge Venture Partners, jumped on a Series B investment for Coinbase back in 2013, when the company raised $25 million. Back then, it was worth roughly $143 million. Eight years later, Coinbase is scheduled to go public and be listed on NASDAQ Wednesday (April 14th), which could potentially bring its value to $100 billion.
QueensBridge, which has invested in companies like Robinhood, Lyft, and Dropbox, could get from $34.76 million to $173.8 million based on a formula of $350 per share (QueensBridge owns anywhere from 99,329 shares to 496,642).
If Coinbase takes things further and shares trade at DA Davidson investment bank, the price could go up to $440, bringing QueensBridge payout to $43.7 million to $218.5 million.
An insider said, according to Coindesk, that Nas is good friends with Ben Horowitz, who is a co-founder of Andreessen Horowitz, a key company that invested in Coinbase. There’s speculation that Horowitz informed Nas that investing in Coinbase would be beneficial for him.
QueensBridge has mastered investing in companies in the startup stages. It earned $40 million when Amazon bought doorbell and security company Ring in 2018.
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