Cryptocurrency platform Coinbase Global Inc.
became the most valuable US financial exchange on Wednesday as it ended the day at $ 328.28 and valued 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 first investors to bank when Coinbase went public.
Durant and business partner Rich Kleiman invested in Coinbase back in 2017 through their investment company Thirty Five Ventures. At this point, Coinbase secured capital for its Series D funding. According to business reporter Joe Pompliano, this funding round raised over $ 100 million valued at $ 1.6 billion.
The company whose users mainly deal with Bitcoin
now has a valuation 53 times that of Durant's investment, signaling a massive jump in value on its investment.
It's unclear how much Durant invested in Coinbase in 2017, but it has made millions of dollars in investments in the past, including a $ 1 million investment in Postmates before selling it to Uber
A $ 1 million investment in Coinbase in 2017 would be worth more than $ 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.
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Other notable early-stage investors in Coinbase include billionaire PayPal
and Reid Hoffman, co-founder of LinkedIn, libertarian hedge fund manager, became venture capitalist Dmitry Balyasny, Google
Ventures founder Bill Maris and Bradley Tusk, political strategist and investor.
Coinbase cryptocurrency exchange shares rose 1.4% Thursday, and some Wall Street analysts are still saying Coinbase is a buy.
Key U.S. stock benchmarks posted gains on Thursday, Coinbase's first full day of trading after debuting at noon as a direct Nasdaq listing on Wednesday. The Dow Jones industrial average
gained 305 points or 0.9% in the S&P 500
is increased by 45 points or 1.1% and the Nasdaq Composite Index
was up nearly 181 points, or 1.3%.