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April 17, 2021, 9:37 a.m. EDT

NBA star Kevin Durant invested in Coinbase in 2017 — his stake is now worth 53 times what it was worth then

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By Weston Blasi

Cryptocurrency platform Coinbase Global Inc. /zigman2/quotes/225893452/composite COIN -2.54% became the most valuable U.S. financial exchange on Wednesday as it ended the day trading at $328.28, valuing the company at nearly $86 billion on a diluted basis .

Brooklyn Nets star Kevin Durant, the third highest earner in the NBA , was one of the early investors making bank on the Coinbase IPO .

Through their investment company Thirty Five Ventures, Durant and business partner Rich Kleiman invested in Coinbase back in 2017. At the time, Coinbase was securing capital for their Series D funding . That funding rounding raised over $100 million at a valuation of $1.6 billion, according to business reporter Joe Pompliano .

The company, whose users primarily deal in bitcoin /zigman2/quotes/31322028/realtime BTCUSD +5.27% and ethereum /zigman2/quotes/108573964/realtime ETHUSD +5.18% , now has a valuation that is 53 times as high as when Durant invested, signaling a massive jump in the value of his investment.

It’s unclear how much Durant invested in Coinbase back in 2017, but he has made million-dollar investments in the past, including a $1 million investment in Postmates before its sale to Uber /zigman2/quotes/211348248/composite UBER +6.61% in 2020. A $1 million investment in Coinbase in 2017 would be worth over $53 million today.

Durant and Thirty Five Ventures have also invested in several startups including financial-services company Acorns, esports organization Andbox and alternative-asset-management company Alt.

See also: NFL announces its first-ever U.S. sportsbook partnerships — with Caesars, DraftKings and FanDuel

Other notable early-stage investors in Coinbase include billionaire PayPal /zigman2/quotes/208054269/composite PYPL +2.28% and LinkedIn co-founder Reid Hoffman, libertarian hedge-fund manager turned venture capitalist Dmitry Balyasny, Google /zigman2/quotes/205453964/composite GOOG +2.40% /zigman2/quotes/202490156/composite GOOGL +2.21% Ventures founder Bill Maris, and political strategist and investor Bradley Tusk.

Shares of the cryptocurrency exchange Coinbase were up 1.4% on Thursday, and a few Wall Street analysts still say Coinbase is a buy.

Major U.S. stock benchmarks posted gains on Thursday, Coinbase’s first full day of trading after its midday debut as a direct Nasdaq listing on Wednesday. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.06%  rallied 305 points, or 0.9%, as the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.49% is gained 45 points higher, or 1.1%, and the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +2.32%  was up nearly 181 points, or 1.3%.

/zigman2/quotes/225893452/composite
US : U.S.: Nasdaq
$ 258.37
-6.73 -2.54%
Volume: 11.75M
May 14, 2021 4:00p
P/E Ratio
88.96
Dividend Yield
N/A
Market Cap
$51.47 billion
Rev. per Employee
$1.02M
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/zigman2/quotes/31322028/realtime
US : CoinDesk
46,384.53
+2,322 +5.27%
Volume: 0.00
May 16, 2021 8:41p
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/zigman2/quotes/108573964/realtime
US : Kraken
3,542.59
+174.37 +5.18%
Volume: 469.66M
May 16, 2021 8:41p
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/zigman2/quotes/211348248/composite
US : U.S.: NYSE
$ 47.42
+2.94 +6.61%
Volume: 25.32M
May 14, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$88.76 billion
Rev. per Employee
$488,553
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/zigman2/quotes/208054269/composite
US : U.S.: Nasdaq
$ 246.29
+5.49 +2.28%
Volume: 6.73M
May 14, 2021 4:00p
P/E Ratio
56.13
Dividend Yield
N/A
Market Cap
$289.32 billion
Rev. per Employee
$808,830
loading...
/zigman2/quotes/205453964/composite
US : U.S.: Nasdaq
$ 2,316.16
+54.19 +2.40%
Volume: 1.33M
May 14, 2021 4:00p
P/E Ratio
30.84
Dividend Yield
N/A
Market Cap
$1539.11 billion
Rev. per Employee
$1.35M
loading...
/zigman2/quotes/202490156/composite
US : U.S.: Nasdaq
$ 2,278.38
+49.34 +2.21%
Volume: 1.60M
May 14, 2021 4:00p
P/E Ratio
30.33
Dividend Yield
N/A
Market Cap
$1539.11 billion
Rev. per Employee
$1.35M
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,382.13
+360.68 +1.06%
Volume: 307.38M
May 14, 2021 5:02p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,173.85
+61.35 +1.49%
Volume: 1.91B
May 14, 2021 5:02p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
13,429.98
+304.99 +2.32%
Volume: 3.61M
May 14, 2021 5:16p
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