Nets star Kevin Durant just made bank on his Coinbase investment
The stock market, cryptocurrencies and NFTs have been a hot commodity as of late. Stock market craziness swept the nation during the GameStop debacle where Robinhood and other broker sites closed the stock from being purchased temporarily. Meanwhile, Bitcoin and Dogecoin have been two of the most popular cryptos on the market all thanks to social media, and then there’s the NBA Top Shot craze. Brooklyn Nets star Kevin Durant is in on a lot of this action and cashing in, most recently with Coinbase.
The cryptocurrency trading platform has enjoyed some existential growth. The company that allows people to buy and sell cryptocurrency soared after going public on Wednesday, reaching a valuation of over $100 billion at one point before settling in at $85 billion. Early investors are likely thrilled as they’re making a ton of money off of Coinbase’s recent success. Durant is apparently one of those early investors, per Newsweek.
Kevin Durant wasn’t the only celebrity to possibly make it big from Coinbase’s rise, as famous rapper Nas also received a nice payday from the investment. Buy low and sell high is the game in the investment business, and Nas and Durant did just that (assuming they’re selling their shares now and not later). A quick insight on just how much money the two might have made was shared by Newsweek:
Based on the price of Coinbase shares at the time—around $1 according to CoinDesk—it means Nas could have bought as many as 500,000 shares. Based on Coinbase’s current share price this investment would now be worth around $165 million.
Nas tweeted yesterday: “Long crypto forever… in sickness and in health.”
Durant is reported to have invested a little later during a 2017 funding round when Coinbase was valued at around $1.6 billion.
This means Durant’s stake will have increased 6,150 percent, Marketwatch reports, though it is unclear how much the sports star put in.
In a 2018 interview with Durant, ESPN reported Durant tends to invest between $250,000 and $1 million. At the lower end of this range, Durant’s 2017 investment would now be worth $15.3 million.
These are the investments that people dream about when they start investing their money. Kevin Durant and Nas made a long-term decision that is already paying off. Hopefully, more people can join in on the fun as they educate themselves about this more than ever before.