In ’17, Kevin Durant and his partner Rich Kleiman invested $250,000 in Coinbase – a secure platform for buying, selling, and storing cryptocurrencies with 56 million verified users. On Wednesday, their investment reached a value of $13.5 million.
The company hit the market via a direct listing, closing at $328 on its first day of trading. The stock peaked at $429, resulting in an approximate valuation of $86 billion. Durant, who invested in Coinbase when it was valued at $1.6 billion, scored 54 times the value of his original transaction.
It’s the biggest return on investment for KD’s company, Thirty-Five Ventures, as Durant continues to act as an angel investor, putting his money into startup business complementary with the company’s vision, as well as his interests off the court. So far, a venture capital firm KD co-founded with Kleiman, has made a capital injection into around 50 businesses, including stock trading platform Robinhood, a cloud data management start-up called Rubrik, autonomous drone start-up called Skydio, and esports organization Andbox.
Durant was an early investor in the food-delivery service Postmates at a discount price of $1 million in exchange for his endorsement. Uber Technologies bought the company in December of ’20 for $2.65 billion, with KD getting a 15-fold return on investment estimated at $15 million. He also joined Carmelo Anthony in a $35 million funding for Overtime – a sports media startup that became a go-to place for checking out young basketball phenoms.
KD’s biggest financial commitment is buying a 5% stake in Philadelphia Union – MLS team valued at more than $325 million. As a part of the deal, KD and Kleiman, who have the option to purchase an additional 5%, will work closely with the organization on marketing opportunities and expanding their brand.
The 32-year-old NBA superstar ramped up his investment portfolio during his tenure with the Warriors, and he’s doing the same as a member of the Brooklyn Nets. According to SidelineSources, his gains have topped 400%. Add to it $39 million in salary for the 20/21 NBA season, plus an estimated $35 million Durant will earn off the court, and his dream of “creating true generational wealth” seems more than attainable.