Legendary Hip Hop artist Nas is set to receive a multi-million-dollar payday from a very smart investment. According to recent reports, Nas could make up to $200 million on his return investment following popular finance/tech company Coinbase finally going public.
Nas’ current stake in the company is estimated at $40 million—however after the Coinbase crypto currency exchange was valued at $99.6 billion after it went public, its valuation reached over $100 billion in a matter of minutes, meaning that Nas’ payday could reach anywhere from $34.76 million to $218.5 million on his return investment.
Consequently, Nas and his fellow investors acquired somewhere between approximately 100,000 shares and 500,000 shares in Coinbase, which approached $410 per share out of the gate after debuting on NASDAQ in a direct listing yesterday. According to The Shade Room, just before Coinbase started trading publicly, Nas tweeted “Long crypto forever…. in sickness & in health.” Back in 2013 when he initially invested in the company, crypto currency was a very foreign concept that offered a significant financial risk, but lucky for Nas, he trusted his instincts to the tune of millions.
The Rap artist and his venture-capital firm, which has also exited investments in Dropbox and Lyft, participated in Coinbase’s $25 million Series B funding round in 2013, when the now-massive company was valued at approximately $143 million. QueensBridge typically made $100,000 to $500,000 investments in emerging companies, and at the time, Coinbase shares were priced at about $1 a piece, according to CoinDesk.
Nasir bin Olu Dara Jones better known by his stage name Nas, is an American rapper, songwriter, and entrepreneur. Rooted in the New York rap scene, he is regarded as one of the greatest rappers of all-time. Nas has released twelve studio albums since 1994, seven of which are certified platinum and multi-platinum in the U.S After receiving thirteen nominations, his 13th studio album, King’s Disease (2020), won him his first Grammy for Best Rap Album at the 63rd Annual Grammy Awards.