Saturday December 9, 2023

Kevin Durant Scores Big on Coinbase

  • Coinbase's direct public listing is great news for Kevin Durant, who was an early-stage investor.
  • Durant's Thirty Five Ventures has a range of tech company and sports-related investments.
Brad Penner-USA TODAY Sports/Design: Alex Brooks
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On Tuesday, Kevin Durant scored 31 points on the Timberwolves, his best performance in two-and-a-half months. On Wednesday, he notched an even bigger win when Coinbase went public.

The crypto exchange market, known for providing an easy on-ramp for casual investors to buy bitcoin and other blockchain-based coins, went public via a direct listing.

The crypto exchange market, known for providing an easy on-ramp for casual investors to buy bitcoin and other blockchain-based coins, went public via a direct listing.  Coinbase shares closed at $328.28 today, valuing the company at $86 billion.

That’s good news for KD, who bought into the investment platform through his and Rich Kleinman’s Thirty Five Ventures when it was valued at $1.6 billion. The rapper Nas’ venture fund invested in the Series B round, when Coinbase was valued at around $143 million.

Durant is an active investor, particularly in tech companies. 

  • He was also an early-stage investor in Postmates, Acorns, Sandbox VR, and shared bike and scooter company Lime. 
  • Durant has also bought into a number of sports and fitness companies, including Dapper Labs, maker of NBA Top Shot, Goldin Auctions, drink company WTRMLN WTR, and athlete recovery tech company Therabody.

Serena Williams’ Serena Ventures appears to have also been an investor, but pulled Coinbase from its publicly listed portfolio companies after Coinbase’s CEO came out against employee political activism.

Coinbase reported last week that its Q1 revenue was up 847% year-over-year to around $1.8 billion, and that it has 56 million users.

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