Harry Tan, a well-known business owner and founder of Initialized Capital, was one of the first investors to provide financing to Coinbase eight years ago.
Less than a decade after NASDAQ today listed its Coinbase stake in Coinbase, Tang’s $ 300,000 investment in Coinbase in 2013 totaled $ 2.4 billion.
Coinbase debuted on the Nasdaq exchange on April 14 at $ 381 a share, making it one of the most popular IPOs on the US stock market this year.
How 300 thousand dollars became 2.4 billion dollars?
In 2013, when Tan invested in Coinbase, it was unclear whether Bitcoin would be recognized as a global asset and a specific value.
There weren’t many reputable exchanges at the time, and the few exchanges that existed were often hacked. Thane’s investment came before the mega mountain. Hack Gox, as billions of dollars in BTC were stolen.
Even after launch, Coinbase didn’t always have an upward trend. Coinbase founder Fred Ersam said the company faced many challenges from 2014 to 2017.
“Over time, the cryptocurrency has grown, so has the company. The simple #Bitcoin wallet has evolved into individual and enterprise products to support a thriving crypto economy. 2 geeks who met online (yes, brian_armstrong I met on reddit) has grown into a company of over 1,000 people. It grew into a company of over 1,000 people. Serious difficulties. For three years from 2014 to 2017, the outside world thought the cryptocurrency was dead. More than a third of the employees left. The original crypto implementations were possible and opened a new world of possibilities for everyone. ”
While the list is not impressive, Coinbase has an attractive economy.
Coinbase is the first major cryptocurrency exchange to be listed on the US stock market, and its availability on the Nasdaq exchange now gives regular investors access to the crypto sector. While the list made no impression on its first day, the company still had robust user-driven financial accounts.
Coinbase earned $ 1 billion in the last quarter and has more users than any financial institution in the US except for JPMorgan, making it a very attractive deal for investors in the traditional financial market.