In 2013, rapper Nas invested in Coinbase when the crypto exchange was valued at $150 million; 8 years later, his stake was worth at least $40 million

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While the Grammy-winning rapper, Nas, is famous for his work in the hip-hop industry, the N.Y. State of Mind rapper also made his mark in tech venture investments early in his career.

QueensBridge Venture Partners, Nas’ venture capital firm, invested in Coinbase back in 2013 after participating in the cryptocurrency exchange company’s $25 million Series B investment round. The round valued Coinbase at roughly $150 million, Forbes reported, based on PitchBook data.

Eight years later, when Coinbase began trading publicly in April 2021, Forbes estimated that the stake associated with Nas’ venture firm was worth at least $40 million.

Nas’ Coinbase Investment Started With a $150 Million Valuation

QueensBridge Venture Partners was one of the investors in the Series B fundraising of Coinbase back in 2013, during the early years of the cryptocurrency exchange.

Forbes reported that QueensBridge invested between $100,000 and $500,000 in the round, which was its typical investment range. However, the venture capital firm has not confirmed its exact investment in Coinbase.
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The valuation of Coinbase in the Series B funding round stood at around $150 million based on data from PitchBook as cited by Forbes. This valuation was just a tiny portion of the valuation of the company when it went public.

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Coinbase Stake Was Estimated at More Than $40 Million

The value of the investment changed substantially as Coinbase grew.

Forbes reported that Coinbase’s Series B shares were worth $1.00676 at the time of the investment. Based on QueensBridge’s reported investment range, the firm could have held between 99,239 and 496,642 shares, according to calculations cited by Forbes.

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When Coinbase began trading publicly in April 2021, its shares reached $415 shortly after trading began.

At that price, the estimated holdings would have been worth between $41.2 million and $206 million, Forbes reported. That led Forbes to describe Nas’ stake as being worth at least $40 million.

The figure should be understood as an estimated value of the stake, rather than confirmed profit or money Nas received from selling the investment.

Nas Founded QueensBridge Venture Partners in 2013

Nas’ move into startup investing began alongside the creation of QueensBridge Venture Partners in 2013.

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The investment firm was named after the Queens housing project where Nas grew up and went on to build a portfolio of more than 100 companies Its investments included companies such as Dropbox, Lyft, Casper, FanDuel and Genius

The Coinbase investment became one of the firm’s most notable early bets as the cryptocurrency industry expanded.

Coinbase Grew From a $150 Million Startup to a $99.6 Billion Listing

Coinbase’s growth between 2013 and 2021 was dramatic. When Coinbase began trading publicly in April 2021, Forbes reported that the cryptocurrency exchange had a valuation of $99.6 billion at the start of trading and surpassed a $100 billion valuation within minutes. That was a huge increase from the approximately $150 million valuation attached to Coinbase’s 2013 Series B round.

For Nas and QueensBridge, the early investment offered exposure to that growth long before Coinbase became a publicly traded company.

Nas’ Coinbase Investment Became a Major Tech Bet

The Coinbase investment was part of Nas’ broader interest in technology startups rather than a standalone move into cryptocurrency. Through QueensBridge Venture Partners, the rapper backed numerous young companies across different sectors. Forbes reported that the firm had invested in more than 100 companies since Nas founded it in 2013.

Coinbase, however, stood out because of the enormous increase in the company’s valuation between its 2013 funding round and its public debut in 2021.

While the exact amount QueensBridge invested in Coinbase remains undisclosed, what Forbes established was that the firm was an early investor, the 2013 funding round valued Coinbase at about $150 million, and the estimated value of the stake had reached at least $40 million when Coinbase began trading publicly eight years later.

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