In 2013 Coinbase closed a $25 million Series B funding round. Among the participants was QueensBridge Venture Partners, co-founded by American rapper Nas.<\/p>\n
According to sources at CoinDesk, the firm did not sell its stake, and is thus one of the beneficiaries of the upcoming direct listing on Nasdaq.<\/p>\n
At the time of the round’s closure, Coinbase was valued at $143 million. QueensBridge Venture Partners typically invests from $100,000 to $500,000. Given the then-share price of $1,006.76, the value of its stake, based on the first-quarter weighted average price on private markets, would be between $34 million and $173 million.<\/p>\n
According to sources, Nas is friends with Ben Horowitz, co-founder of Andreessen Horowitz (a16z). The latter is one of Coinbase’s largest shareholders with 14.1% of the voting rights. Perhaps Horowitz advised his friend to invest in the exchange.<\/p>\n
The rapper’s partner at QueensBridge, Anthony Saleh, advised on Twitter to buy Coinbase shares at any price after the direct listing.<\/p>\n
\nWhen @coinbase<\/a> goes public April 14th\u2026 buy it at any price you can and hold on for the ride if a lifetime\u2026<\/p>\n
\u2014 A Saleh (@Dude_Br0) April 6, 2021<\/a><\/p><\/blockquote>\n