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
Linkedin
Copy Link
Link Copied
Link Copied

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.

Linkedin
Copy Link
Link Copied
Link Copied

What to Read

The College Football Playoff is considering rotating TV networks for the national championship game.

CFP Considers Super Bowl-Like Rotation For National Championship Game

Multiple networks could share rights to the championship game, sources told FOS.
Lane Kiffin

Ole Miss, Lane Kiffin Lawyers Argue for Dismissal of Player Lawsuit

FOS obtained audio of Lane Kiffin’s interaction with the player behind lawsuit.
podcast thumbnail mobile
Front Office Sports Today

Golf World in Chaos After Jon Rahm Joins LIV

0:00
0:00

Featured Today

LSU Lady Tigers head coach Kim Mulkey reacts against the Iowa Hawkeyes during the NCAA Womens Basketball Final Four National Championship at American Airlines Center.

Who Is The Highest-Paid Women’s College Basketball Coach?

LSU rewarded Kim Mulkey after winning a national title after her second year leading the program.
The Pac-12’s Collapse Will Have Ripple Effects on College Basketball.
November 6, 2023

The Pac-12’s Collapse Will Have Ripple Effects on College Basketball

The existing Pac-12 host a college basketball season for the last time.
Favre Presley
November 3, 2023

Brett Favre Controversy Casts Shadow Over Mississippi Gubernatorial Race

Candidate Brandon Presley has made the scandal one of his talking points.
Josh Harris
November 1, 2023

Commanders Owner Josh Harris Begins Remodeling Product on the Field

The team added more draft picks ahead of what could be an offseason of change.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
FanDuel
Multiple Locations
Adidas
Multiple Locations
Creative Artists Agency
Multiple Locations
Jon Rahm tees off on the 15th hole during the first round of the PGA Championship in Rochester, New York.

Report: Jon Rahm Set to Join LIV Golf

Rahm could get the richest LIV Golf contract yet.
December 2, 2023

Ohtani’s Future Deal Takes Center Stage As Winter Meetings Kick Off

The two-way phenom is expected to sign the largest-ever player contract in U.S. team sports.
December 4, 2023

Are Tiger Woods and Nike Splitting Up? The Move Would Change Golf

A new report suggests a move could be brewing.
Sponsored

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.
Shaquille O'Neal
exclusive
December 1, 2023

A.I. Shaq? Authentic Files Trademarks Hinting at Virtual Shaquille O’Neal

Shaquille O’Neal and licensing group claim “ASK SHAQ” and “SHAQ A.I.”
November 30, 2023

Tracking Devices and Bags of Cash: A Soccer Scandal in Turkey

Former Atletico Madrid player Arda Turan is involved in the scandal.
November 30, 2023

Ronaldo Sued For $1B In Latest Fallout From Athlete Crypto Deals

Soccer superstar latest to be hit in legal fallout from crypto decline.
Red Bull Racing driver Max Verstappen of The Netherlands celebrates his victory of the Las Vegas Grand Prix at Las Vegas Strip Circuit.
November 30, 2023

The 10 Highest-Paid Formula 1 Drivers For 2023

Red Bull Racing’s Max Verstappen tops the list with $70 million.