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During the past three months, Coinbase recorded a revenue of approximately $1.8 billion in comparison to $190 million recorded in the same time last year.
American rapper, songwriter, and entrepreneur Nasir Jones alias Nas through his investment firm QueensBridge Venture Partners is expected to reap huge profits once Coinbase lists for public trading on April 14. According to Coindesk, Jones could net millions of dollars from the $25 million investment in Coinbase Series B funding round.
According to research by Coindesk, QueensBridge owns approximately 99,329 Coinbase shares on the low end or 496,642 on the high end. With Coinbase shares trading around $350 per share in the private secondary market, Jone and his investment partner could net between $34.76 million and $173.8 million.
Moreover, Coinbase shares have been hotly anticipated and could spike further during the first day and subsequent months of trading. Notably, according to investment bank DA Davidson analyst Gil Luria, Coinbase COIN shares could trade around $440 in the near future. Furthermore, the cryptocurrency industry is unpredictable and still considered volatile, thus a high chance of higher valuation than previously anticipated. Luria gave COIN shares a Buy rating that signifies a bullish sentiment from the investment firm.
Nasir Jones and His Investment in Coinbase
Coinbase previously disclosed its first-quarter revenue earnings through a Securities and Exchange Commission (SEC) filing on the upcoming public listing. During the past three months, Coinbase recorded a revenue of approximately $1.8 billion in comparison to $190 million recorded in the same time last year.
Coinbase valuation has been a topic for discussion by many over the past few weeks. While some analysts are for a higher valuation than the expected $100 billion, some foretell a decline after the public listing on Wednesday. Delphi Digital, a digital asset research firm estimates Coinbase could be valued between $160 billion and $230 billion. To those who predict a lower Coinbase valuation, huge competition in the crypto market is the key aspect that could affect the company’s valuation.
Notably, Coinbase offers cryptocurrency-related services both to institutional and retail investors. However, there has been a huge influx of crypto startups that have ventured into the cryptocurrency market. Reportedly, cryptocurrency exchange Kraken is expected to go public sometime later next year. Similarly, it is expected that Kraken could use a direct listing method to go public next year. More crypto-related companies could follow the same path, thus creating huge competition in the crypto ecosystem, particularly in the centralized exchange industry.
If there is an expected spike in COIN stock in the coming weeks, Jones will have made considerable profit from his Coinbase prior investment. Venture capital funds are experiencing flow more into the technology companies especially the blockchain and cryptocurrency market in the coming years.