Nas is about to be approximately 100 m’s richer thanks to his investment in Coinbase. The cryptocurrency exchange is expected to reach a $100 billion valuation with a it’s IPO today and thanks to some early investing HipHop legend Nas will be one of the benefactors.
Nas’ investment firm, QueensBridge Venture Partners, entered Coinbase’s Series B round, in 2013 when the cryptocurrency exchange platform was valued at around $143 million.
The firm who were also a backer of Robinhood in 2013 and later Lyft and Dropbox, makes early-stage investments of between $100,000 and $500,000, according to Jones’ QueensBridge co-founder Anthony Saleh.
CoinDesk estimates the firm’s $100,000–$500,000 stake by the share price at the time of Coinbase’s Series B ($1.00676) would mean QueensBridge owns around 99,329 shares on the low end or 496,642 on the high end. Meaning the ROI could be sit anywhere between $34.76 million and $173.8 million.
The news represents a major turning point in the world of venture capital, with everyone from rappers to Wall Street fat cats set to eat off of the cryptocurrency revolution.
