The cryptocurrency business is proving incredibly lucrative, and a new report from Yahoo Sports confirmed that Kevin Durant is the latest investor to score big on the crypto front. On Wednesday, April 14th, the digital currency exchange Coinbase went public on NASDAQ, with stock prices reaching heights of $328 -- a number that led to a valuation of $86 billion.
Given that Kevin Durant's Thirty Five Ventures investment company previously invested in Coinbase, with his projected contribution estimated to be between $250,000 and $1 million range, with Yahoo basing the estimate on his previous investment patterns. Either way, Durant's early faith in Coinbase is looking to be quite well-founded, and the basketball star is currently reaping the benefits of his foresight. Though the exact number of his takeaway remains unclear, Yahoo notes that were he to have invested $250,000 in 2017, his stake would currently be worth $13.5 million.
50 Cent Marvels At Kevin Durant's Massive Coinbase Profit">Gregory Shamus/Getty Image
It didn't take long for word of KD's latest money move to spread, and 50 Cent took a moment to celebrate Durant's accomplishment. Though generally using his platform to engage in mischief and villainy, Fif found himself moved by Kevin Durant's business acumen, taking to Instagram to offer a few words of encouragement.
"86 what! BILLION, KD up like a mother fucker," captions Fif. "I love to see my people win!" It should be noted that Coinbase's valuation was projected as eighty-six billion, not specific to Durant's piece of the pie. Either way, the sentiment remains the same.
Michael Kovac/Getty Images
As it happens, Durant isn't the only public figure to win big investing in Coinbase. Nas and his Queensbridge Venture Partners company also invested in Coinbase, with their contribution being an approximated twenty-five million dollars; now, experts project that Nas could be seeing anywhere between $34.76 million and $173.8 million in profits, depending on the extent of his initial investment. Congratulations to both him and Kevin Durant for showcasing sharp business acumen, leading by example as they invest in rising developments.
[via]