Kevin Durant is scheduled to make a fortune with one of his investments. The Nets star’s stake in Coinbase is now worth 62.5 times its purchase value.
KD is currently in his 14th NBA season. According to Spotrac, the 2-time Finals MVP has made roughly $263 million through the course of his career. Durant is currently in the second season of a 4-year, $164 million deal with the Brooklyn Nets.
He also earns substantial amounts of money off the court. Forbes has listed his sponsorship earnings at $35 million in 2020. His net worth is around $170 million according to the same source.
When did Kevin Durant invest in Coinbase?
KD cofounded ThirtyFive Ventures with his business partner Rich Kleiman in 2016. His relocation to the Bay Area allowed him to take a closer look at the tech startup scene.
One of the developments that Durant and co were able to capitalize on was the cryptocurrency boom. ThirtyFive Ventures was part of Coinbase’s Series D funding in 2017 that raised $100 million at a $1.6 billion valuation.
KD and his business partner Rich Kleiman invested in Coinbase when it was valued at $1.6 billion, per @JoePompliano
Today it’s going public at an estimated $100 billion valuation. That’s an increase of 61.5x since he invested 💰 pic.twitter.com/iV9xexzNFu
— Bleacher Report (@BleacherReport) April 14, 2021
How well is KD’s Coinbase investment going?
KD’s decision turned out to be one of the most profitable investments in the tech startup space. Coinbase grew to an $8 billion valuation within a year of his entry.
Coinbase reported last week that its Q1 revenue was up 847% year-over-year to around $1.8 billion. The cryptocurrency trading platform reportedly has 56 million users.
The company is projected to hit a $100 billion valuation after its recent IPO, in which shares closed $78 above the $250 initial price on opening day.
We don’t have confirmation for exactly how many shares KD bought, and what price point he did it at. But it is reasonable to expect that he invested somewhere between $500,000 to a few million, in which case he would be looking at a payday in excess of $30 million if he sold today.