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Garry Tan, well-known angel investor and founder of Initialized Capital, was one of the first investors to provide seed capital to Coinbase eight years ago.
Less than a decade after Coinbase’s long-awaited Nasdaq stock listing today, Tan’s $300,000 investment in Coinbase in 2013 is now valued at $2.4 billion.
Coinbase debuted on the Nasdaq on April 14 at $381 per share, making it one of the most talked about listings on the US stock market this year.
How did $300,000 become $2.4 billion?
In 2013, when Tan invested in Coinbase, it was unclear whether bitcoin was recognized as a global asset and an established value.
There were not many authoritative exchanges in those days, and the few that there were were often copied illegally. Tan’s investment took place in front of the monumental Mt. The Gox heist has taken place, with billions of dollars in stolen BTC.
Even after its launch, Coinbase has not always been on an upward trend. According to Coinbase co-founder Fred Ersam, the company faced many challenges from 2014 to 2017.
Ersam said:
Over time, the cryptocurrency has grown, as has the company. A simple #Bitcoin wallet has turned into a custom and institutional product to support a booming crypto economy. 2 Nerds who met online (yes, @brian_armstrong and I met on @reddit) have grown into a company with over 1000 employees. There were serious difficulties. For 3 years, between 2014 and 2017, the outside world thought crypto was dead. More than a third of the staff stayed. Yet cryptocurrencies have continued to grow. The arrival of @ethereum showed that cryptocurrency applications were possible and opened up a whole new world of possibilities.
Although the listing is not impressive, Coinbase has some interesting financial data.
Coinbase is the first major cryptocurrency exchange to be listed on the US exchange, and its presence on Nasdaq is currently giving large investors access to the crypto sector. Even if the listing doesn’t impress on the first day, the company still has strong financial and user numbers.
1) The stock is listed today.
One is:
– operates 24/7
– inventories innovative assets
– lets users get in
– has a mobile app, website and API
– earned $1 billion last quarter
The other is the NASDAQ.
Congratulations, @coinbase.
– SBF (@SBF_Alameda) April 14, 2021
Coinbase earned $1 billion last quarter and has more users than any financial institution in the US except JPMorgan, making it very attractive to investors in the traditional financial market.
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