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nas-brags-about-coinbase-and-crypto-wealth-in-new-track-with-dj-khaled

Nas brags about Coinbase and crypto wealth in new track with DJ Khaled

May 3, 2021 | Blockchain, De-Fi | 0 comments

Nas’ stake in Nasdaq-listed crypto exchange Coinbase is estimated to be around $40 million.

American rapper and cryptocurrency investor Nasir Jones, better known by his stage name Nas, has invited fans to join the cryptocurrency industry in a newly released track.

Released last week, “Sorry Not Sorry” is a collaboration between DJ Khaled, Nas, Jay-Z and James Fauntleroy, with Nas rapping about Coinbase, the United States’ largest crypto exchange that went public on Nasdaq on April 14.

“Winner in life, fuck a coin toss / I’m coin-based, basically cryptocurrency Scarface / Join us, there’s gotta be more of us,” Nas raps in the new collab. Released on YouTube last Friday, the official music video for “Sorry Not Sorry” has 7.8 million views at the time of writing.

As previously reported by Cointelegraph, Nas is an early Coinbase believer, investing in the company through his venture capital firm QueensBridge Venture Partners. The rapper reportedly joined Coinbase’s $25 million Series B round in 2013, buying between 99,000 and 496,000 shares at a price of $1.00676 per share.

Coinbase COIN shares opened at $381 on Nasdaq in mid-April, marking strong institutional demand, as the stock’s pre-listing reference price was just $250. The stock closed Friday trades at $297, at a market capitalization of nearly $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 reported, Nas’ QueensBridge Venture Partners has invested in many other crypto companies, including Bitfury Group and BlockCypher as well as crypto-friendly stock trading app Robinhood.

Nas’ song collaborators have been involved in the crypto industry as well. Jay-Z set up a Bitcoin development fund worth 500 Bitcoin (BTC) in cooperation with Twitter CEO Jack Dorsey in February.

DJ Khaled, however, has not been lucky with regard to cryptocurrencies. The record producer paid six-figure settlements to U.S. regulators in 2019 for promoting Centra Tech’s fraudulent initial coin offering on social media.

 

READ THE ARTICLE ON COINTELEGRAPH.COM


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