HipHopWired Featured Video
The only rapper who can honestly say they “ethered” JAY-Z in a battle is now celebrating a huge financial victory.
Quietly Nas has been building quite the investment portfolio through his venture capital firm QueensBridge Venture Partners. One of those investments recently has proven to be a very lucrative one for the “One Mic” crafter. On Wednesday (Apr.14), Coinbase Series B went public on the NASDAQ stock exchange with a share price of $381.
Nas’ QueensBridge Venture Partners reportedly dropped a large investment in the Coinbase Series B to the sum of $100,000 and $500,000. It is now the largest cryptocurrency exchange in the United States. CoinDesk broke down purchase and reports that at the time, the share price was $1.00676 and that QueensBridge owns between 99,329 to 496,642 shares. When that’s turned into dollars, the company could roughly own between $34.76 million and $173.8 million in Coinbase in less than 8 years following its investment.
The Queens MC took to Twitter to celebrate his crypto comeuppance writing in two tweets, “Long crypto forever…. in sickness & in health. Shout out to @FEhrsam @brian_armstrong @bhorowitz @cdixon #CoinbaseIPO.”
Coinbase is now valued at $100 billion after going public and “will mark the first official juncture between the traditional financial avenue and the alternative crypto path,” according to Ipek Ozkardeskaya, a senior analyst at Swissquote.
Guess it’s time to start to call the rapper Nasdaq Jones.
Recently, Jones joined other NYC Hip-Hop legends JAY-Z, Diddy, and Steve Stoute in endorsing Ray McGuire for mayor. You can peep that full story by heading here.
Photo: Bernard Smalls / @PhotosByBeanz83