Kevin Durant sat out Wednesday night — as his bank account soared.
On Wednesday, the Nets star saw his Coinbase investment pay off when the digital currency exchange platform hit the public markets with a whopping $86 billion valuation. It marks Durant’s largest investment victory to date with his Thirty Five Ventures company.
The cryptocurrency stock closed at $328.28 in its first day of trading, following a mid-day peak at $429.
Durant initially invested in Coinbase in 2017, making his investment worth 54-fold after Wednesday’s news, according to Sportico. Since 2017, he has invested in around 50 startups.
In a 2018 interview with ESPN, Durant revealed that most of his investments have ranged anywhere from $250,000 to $1 million. Therefore, a $250,000 investment in Coinbase in 2017 would be worth $13.5 million at Wednesday’s closing price, per Sportico.
Coinbase, since its 2012 inception, has soared in the cryptocurrency market with its advertised easy-to-use model. In late 2020, revenue more than doubled to $1.1 billion, according to the website. Though, that was pocket change compared to the first quarter of 2021, in which Coinbase announced preliminary revenue of $1.8 billion, up nine-fold.
Durant’s massive payday adds to the $39 million salary he will collect this season with the Brooklyn Nets — in addition to an estimated $35 million from his media and film ventures and sponsorships with brands including Nike, Degree, YouTube and Master & Dynamic.
The two-time NBA champion founded Thirty Five Ventures in 2017, alongside his longtime business manager Rich Kleiman. The company incorporates the duo’s existing business entities, including Durant’s personal brand/marketing portfolio, investments and on-court contracts, as well as the Kevin Durant Charity Foundation and the multi-channel sports business network, The Boardroom.
Durant has said the best business advice he’s been told is: “Don’t do things just for money. Don’t do things just for fame. Do things because you feel right and it feels true.”
Coinbase certainly felt right.