Cryptocurrency platform Coinbase Global Inc. COIN,
became the most valuable U.S. stock market on Wednesday when it ended the day trading at $ 328.28, and the company valued at $ 86 billion on a diluted basis.
Brooklyn Nets star Kevin Durant, the third earner in the NBA, was one of the investors who just paid out on the Coinbase exchange.
Through their investment venture Thirty Five Ventures, Durant and his business partner Rich Kleiman invested in Coinbase in 2017. At the time, Coinbase secured capital for their Series D financing. The financing round raised more than $ 100 million at a valuation of $ 1.6 billion. business reporter Joe Pompliano.
The company, whose users mainly trade bitcoin BTCUSD,
and ethereum ETHUSD,
He now has a valuation 53 times higher than it was when Durant invested, indicating a large increase in the value of his investment.
It is unclear how much Durant invested in Coinbase in 2017, but he has made $ 1 million in investments in the past, such as his $ 1 million investment in Postmates before being sold to Uber UBER.
in 2020. A $ 1 million investment in Coinbase in 2017 will be worth more than $ 53 million today.
Durant and Thirty Five Ventures have also invested in several businesses, including financial services company Acorns, esports organization Andbox and alternative asset management company Alt.
Other notable investors who made money on the Coinbase exchange were billionaire PayPal PYPL,
and Reid Hoffman, co-founder of LinkedIn, the libertarian hedge fund manager, told Dmitry Balyasny, venture capitalist, Google GOOG,
GOOGL,
Bill Maris, founder of Ventures, and Bradley Tusk, political strategist and investor.
Shares in currency exchange Coinbase Global rose 1.4% on Thursday, with some Wall Street analysts still saying Coinbase is a buy.
In Thursday afternoon trading, stock stocks such as the Dow Jones Industrial Average DJIA,
the S&P 500 index SPX scored 282 points or 0.8%,
traded 42 points higher, a gain of 1%, and the Nasdaq Composite Index COMP,
is with 160 points, or 1.2% higher.