Nas' Coinbase Investment: A Crypto Power Move

Nasir Jones, the rapper known as Nas, made a lucrative investment in Coinbase in 2013 through his venture capital firm, QueensBridge Venture Partners. Nas' early investment in the cryptocurrency exchange platform has paid off handsomely, with his stake valued at a minimum of $40 million when Coinbase went public in 2021. This windfall has brought attention to Nas' business acumen and his ability to identify promising investments in the tech industry.

Nasir Jones founded QueensBridge Venture Partners in 2013

Nasir Jones, the world-renowned artist and cultural icon better known as Nas, founded QueensBridge Venture Partners in 2013. Jones is a partner and co-founder of the company, which is named after the New York housing project where he grew up.

QueensBridge Venture Partners has invested in over 100 companies, including Casper, Dropbox, FanDuel, Parachute, and Lyft. The firm typically invests between $100,000 and $500,000 in emerging companies. In addition to his investments, Jones also serves as an advisor to several companies, including Sports Icon and Genius.

Jones has a keen interest in lifestyle and technology-driven businesses. He evaluates QBVP investment opportunities by assessing founding teams, product authenticity, and the potential for a company to become a category leader. He also leverages his celebrity status to elevate the profile of QueensBridge portfolio companies.

One of Jones' most notable investments was in the cryptocurrency exchange Coinbase. In 2013, QueensBridge Venture Partners joined Coinbase's $25 million Series B funding round, investing between $100,000 and $500,000. At the time, Coinbase shares were priced at about $1 apiece, and the company was valued at around $143 million to $150 million. When Coinbase went public in 2021, Jones' stake was worth at least $40 million.

Jones' firm invested between $100,000 and $500,000

Nasir Jones, the rapper Nas, founded QueensBridge Venture Partners in 2013. Jones' firm, QueensBridge Venture Partners, invested in Coinbase in 2013, joining the company's $25 million Series B funding round. QueensBridge typically makes investments of between $100,000 and $500,000 in emerging companies, and this was no exception. At the time, Coinbase shares were priced at about $1 apiece, according to CoinDesk.

Consequently, Nas and his fellow investors acquired somewhere between approximately 100,000 shares and 500,000 shares in Coinbase. When Coinbase went public in 2021, its shares exploded in value, reaching $415 per share minutes after trading began. This meant that Jones' firm's shares were now worth between $41.2 million and $206 million.

QueensBridge's investment in Coinbase was an early one. At the time, cryptocurrency was still a nascent industry, and other major cryptocurrency exchanges like Gemini and Stellar had not yet been founded. Coinbase's other early investors included top-tier venture firms like Andreessen Horowitz and Union Square Ventures.

Jones' venture capital portfolio expands beyond just Coinbase. Named after the New York housing project where he grew up, QueensBridge has invested in more than 100 companies, including Casper, Dropbox, FanDuel, Parachute, and Lyft.

Coinbase's IPO was valued at over $100 billion

Coinbase, one of the dominant cryptocurrency exchanges, is nearing its debut as a public company with a valuation of over $100 billion. The company is using a direct listing and will trade under the ticker COIN on Nasdaq. A regulatory filing related to the listing confirms that Coinbase is profitable, with 2020 revenue more than doubling from the previous year.

The Coinbase IPO comes at a pivotal time for the cryptocurrency realm, with market observers speculating that the offering could boost an asset class that has recently seen a downturn. The move is likely to play a role in pushing cryptocurrencies like Bitcoin and Ethereum towards mainstream adoption, especially after PayPal's adoption of crypto on its payments platform. However, there are concerns about whether Coinbase can sustain its growth and if the $100 billion valuation is realistic.

Coinbase's ascent to $100 billion is even more impressive considering it was valued at just $8 billion in October 2018. Early investors in the company include Tiger Global Management, Y Combinator Continuity, Wellington Management, Andreessen Horowitz, and Polychain. The company was founded in 2012 by former Airbnb engineer Brian Armstrong and Goldman Sachs trader Fred Ehrsam, with the idea of making investing and trading in cryptocurrencies more accessible and fair.

The IPO has created several surprising winners, including rapper Nasir Jones, better known as Nas, who made a $40 million windfall from his early investment in Coinbase through his affiliate QueensBridge Venture Partners. Nas's firm invested between $100,000 and $500,000 in Coinbase's $25 million Series B round in 2013, and the rapper's stake is now worth between $41.2 million and $206 million.

Nas' stake in Coinbase is worth at least $40 million

Nasir Jones, better known by his stage name Nas, is an early investor in Coinbase, the cryptocurrency exchange. Through his affiliate QueensBridge Venture Partners, Nas's stake in Coinbase is worth at least $40 million.

Nas founded QueensBridge Venture Partners in 2013. The firm invested between $100,000 and $500,000 in Coinbase's $25 million Series B round in 2013. At the time, Coinbase shares were priced at about $1 apiece, and the company was valued at about $150 million, less than 1% of its value today.

At the time of the investment, shares of Coinbase’s Series B were worth $1.00676 each, meaning Jones’ firm would have between 99,239 and 496,642 shares. When Coinbase's stock reached $415 per share minutes after trading began, those shares were worth between $41.2 million and $206 million.

Nas acknowledged his windfall in a tweet, writing: “Long crypto forever.... in sickness & in health.” Nas is a well-known early believer in Coinbase, and his venture capital firm QueensBridge Venture Partners has also invested in other crypto companies, including Bitfury Group, BlockCypher, and the crypto-friendly stock trading app Robinhood.

In addition to his investments in the crypto space, Nas has also invested in several other startups through QueensBridge Venture Partners, including Lyft, Dropbox, and Casper. He has also made money from other investments, such as his early investment in the smart doorbell company Ring, which was acquired by Amazon for $1.1 billion in 2018.

Nas' interest in crypto was referenced in his song 'Sorry Not Sorry'

In 2013, Nasir Jones, better known as the rapper Nas, founded QueensBridge Venture Partners. The company was an early backer of Coinbase, investing in the company's $25 million Series B round. Nas's interest in cryptocurrency was referenced in his song "Sorry Not Sorry", a collaboration with JAY-Z. In the song, Nas raps:

> Til we all on, never fall off, hear a boss talk, you don’t hear me? That’s your loss. Winner in life, fuck a coin toss, I’m coin-based, basically cryptocurrency Scarface

The line "I'm coin-based, basically cryptocurrency Scarface" is a direct reference to Nas's investment in Coinbase, with the rapper alluding to his newfound wealth. The song also mentions other contemporary topics such as Silicon Valley and intermittent fasting.

The song received mixed reactions from fans, with some deeming the reference to cryptocurrency as a "corny" flex. However, others praised the collaboration between Nas and JAY-Z, who had previously been rivals.

Nas's early investment in Coinbase proved to be a wise decision, as his stake in the company was estimated to be worth at least $40 million when Coinbase went public in 2021. The rapper took to Twitter to celebrate his success, tweeting, "Long crypto forever.... in sickness & in health."

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