An investment Nas done almost 10 years ago could net him millions of dollars today (April 14).
According to a report by Yahoo! Finance Monday April 12, a number of people – including Nas – who initially invested in Coinbase, a cryptocurrency exchange platform, will see a significant return on its investment since Coinbase was officially listed on Nasdaq on Wednesday and can now be traded.
In 2013, Nas’ investment firm, QueensBridge Venture Partners, became involved in Coinbase Series B round. At that time, the exchange platform was valued at around $ 143 million. And now, Coinbase is expected to surpass a valuation of $ 100 billion once placed on the Nasdaq stock list.
While the exact amount that Nas’ investment firm put into Coinbase at the time is unclear, Esco director and partner at QueensBridge, Anthony Saleh, said CNBC in an interview in 2016, their company invested between $ 100,000 and $ 500,000 in companies such as Coinbase, Robinhood, Lyft, and Dropbox.
After dividing QueensBridge’s investment range of $ 100,000 to $ 500,000 by Coinbase’s Series B share price at the time, which was $ 1.00676, the leased rhymer firm could now hold between 99,329 and 496,642 in shares, depending on Coindesk. This means the company would have shares of between $ 34.76 million and $ 173.8 million.
“Coinbase was a big one,” he said. “He was one of those I was really proud of.”
Coindesk also reports that Coinbase’s value could rise to $ 43.7 million and $ 218.5 million, respectively. However, it depends on the cryptocurrency Trading platform sharing trade at investment bank DA Davidson’s new price target of $ 440, which fell from $ 195 after first quarter results.
In 2018, it was rumored that Nas could have potentially made $ 40 million from his investment in the Ring Bell company.
XXL contacted a representative of Nas for comment.
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