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Nas’ investment in Coinbase, a Nasdaq-listed cryptocurrency exchange, is reported to be worth around $40 million.
Nasir Jones, best known by his stage name Nas, an American rapper and cryptocurrency investor, has welcomed fans to enter the cryptocurrency business in a new track.
“Sorry Not Sorry,” which was released last week, is a partnership between DJ Khaled, Nas, Jay-Z, and James Fauntleroy, with Nas rapping about Coinbase, the largest crypto exchange in the United States, which went live on Nasdaq on April 14.
“Winner in life, fuck a coin toss / I’m coin-based, basically cryptocurrency Scarface / Join us, there gotta be more of us,” Nas raps on the latest collaboration. The official music video for “Sorry Not Sorry,” which was released on YouTube last Friday, has 7.8 million views as of this writing.
Nas is an early Coinbase believer, as previously stated by Cointelegraph, investing in the startup through his investment capital fund QueensBridge Venture Partners. According to reports, the artist participated in Coinbase’s $25 million Series B round in 2013, purchasing between 99,000 and 496,000 shares at a price of $1.00676 per share.
Coinbase COIN shares debuted on Nasdaq in mid-April at $381, indicating high institutional interest, despite the stock’s pre-listing reference price of $250. The stock closed at $297 on Friday, with a market capitalisation of about $60 billion. Nas, who could have netted at least $40 million from his early Coinbase investment, took to Twitter on the listing day, stating: “Long crypto forever…. in sickness and in health.”
As previously noted, Nas’ QueensBridge Venture Partners has invested in a slew of other cryptocurrency startups, including Bitfury Group and BlockCypher, as well as the crypto-friendly stock exchange software Robinhood.
Nas’ song partners have also been active in the cryptocurrency business.
In February, Jay-Z and Twitter CEO Jack Dorsey established a Bitcoin creation fund worth 500 Bitcoin (BTC).
DJ Khaled, on the other hand, has had a bad run for cryptocurrencies. In 2019, the record label agreed to pay six-figure penalties to US authorities for endorsing Centra Tech’s fake initial coin offering on social media.