50 Cent is proud of Kevin Durant for making some serious bucks off his investment in Coinbase.
With digital currency exchange, Coinbase going public on Wednesday (April 15), a round of multimillionaires and billionaires are being created. The latest is Brooklyn Nets star player Kevin Durant who scored big through his investment company, Thirty Five Ventures. The company invested in Coinbase in 2017 and is now reaping the rewards after Coinbase’s stock closed at $328 on its first day of trading.
As a result, Thirty Five Ventures is now valued at an insane $86 billion. Durant’s initial contribution to his company is said to be around $250,000 to $1 million. However, information about how much he would be collecting is not immediately available, but Yahoo reported that he put $250,000 in 2017, his investment would amount to $13.5 million.
Meanwhile, rapper 50 Cent is celebrating Durant’s business success. “86 what! BILLION, KD up like a mother ***er,” 50 Cent said in an Instagram post as he shared the news. “I love to see my people win.”
Nas, 50 Cent’s former rival, also raked in big bucks after the Coinbase stocks jumped up. Nas’ profit comes through the investment company Queensbridge Venture Partners which invested $25 million in 2013. At that time, the value of the cryptocurrency exchange was valued at $143 million.
On the other hand, Anthony Saleh, co-founder of Queensbridge Venture Partners, said the investment firm made early stage investments of amounts between $100,000 and $500,000.
At the time the firm got its stake in Coinbase, the share price was $1.00676, and Queensbridge owns around 99,329 or 496,642 shares on the low and high end, respectively. An analysis by CoinDesk suggests that Nas and his firm would bring in somewhere between $34.76 million and $173.8 million at $350 a share.