Coinbase’s successful debut on the Nasdaq stock exchange on April 13 was a moneymaker for NBA All-Star Kevin Durant.
The stock closed at $328 on its first day of trading with a valuation of $86 billion. That means Kevin Durant’s Coinbase investment of $250,000 in 2017 could now be worth $13.5 million.
This isn't the first investment win for the Brooklyn Nets player, but it's the biggest to date.
Kevin Durant's investments include many startups
Through his company, Thirty Five Ventures, Durant and co-founder Rich Kleiman have invested in about 50 startups. Most of the company investments have been between $250,000 and $1 million.
The investments include:
The company’s investment in Coinbase was part of its Series D funding in 2017. The funding round raised $100 million at a $1.6 billion valuation.
Kevin Durant’s investments in sports
Durant has also invested in the sports industry. Last year, he and fellow sports titans Patrick Mahomes, Rory McIlroy, and Eli Manning put their money behind Whoop, which is a wearable fitness tracker.
Durant also contributed to a $35 million funding round for sports highlights startup Overtime, along with fellow NBA All-Star Carmelo Anthony.
Durant’s largest investment was in the MLS Philadelphia Union franchise. Last year, he committed to a 5 percent stake in the team with the option to purchase an additional 5 percent. According to Jay Sugarman, the Union majority owner, the team’s valuation is over $325 million. Besides his investment, Durant and his company will also help expand marketing opportunities for the team.
Kevin Durant’s net worth
Durant is one of the richest basketball players in the world with a net worth of about $170 million. That puts him in the ranks with other NBA greats LeBron James and Stephen Curry.
Born in 1988 in Washington, D.C., Durant started playing basketball in high school. He went on to a successful college basketball career at the University of Texas.
In 2007, Durant was picked up by the Seattle SuperSonics during the NBA draft. After scoring 18 points, five rebounds and three steals in his first game, he was named the “NBA Rookie of the Year.”
The next year, the team moved to Oklahoma and became the Oklahoma City Thunder. Durant played for the Thunder until 2016 when he signed a two-year $54 million contract with the Golden State Warriors.
During his time with the Warriors, Durant started to ramp up his investments. He established relationships with execs from Apple and Google, as well as Silicon Valley power brokers Marc Andreessen and Ben Horowitz.
In 2019, after three years with the Warriors, Durant joined the Brooklyn Nets under a four-year and $164 million contract.
This season Durant will earn a $39 million salary with the Brooklyn Nets. He’ll also rake in an estimated $35 million from media and film projects, and sponsorships with Nike, Degree, YouTube, and Master & Dynamic.