Reddit cofounder Alexis Ohanian paid only $15,000 for ether worth $80 million today - and has made $50 million on the crypto and Coinbase stock
When he first invested, the Reddit cofounder paid about 30 cents per ether coin. Ether — the native crypto of the ethereum platform, and the second-most valuable coin after bitcoin — now trades at around $1,600.
If Ohanian never sold any of his ether, it would have ballooned in value by 5,600 times to about $80 million today. If he had managed to cash out when ether peaked above $4,600 in November 2021, he would have pocketed upward of $230 million.Ohanian previously ran a venture firm named Initialized Capital, which invested in Coinbase before it went public in 2021. He cashed in $26 million of the crypto exchange stock's to help finance his current venture firm, 776.
The social-media entrepreneur, who is married to tennis legend Serena Williams, has invested in 29 blockchain startups to date. He raised $500 million in February 2022 to fund similar bets, and tried to launch a $176 million crypto fund in August — but ended up raising only $6 million as investors soured on the industry.Ohanian told Forbes that he owns at least 700 non-fungible tokens .
Moreover, in 2021, Ohanian spent over $500,000 worth of ether at today's prices on seven NFTs that he thought looked like Williams, and gifted his favorite one to her.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Home Depot Will Give All Hourly Workers a Raise This MonthHome Depot said Tuesday it’s investing $1 billion in wage increases for its U.S. and Canadian hourly workers.
Read more »
Home Depot to raise starting pay for US workers to at least $15 per hourHome Depot said Tuesday it’s investing $1 billion in wage increases for its U.S. and Canadian hourly workers.
Read more »
Home Depot raises starting pay to $15 an hourHome Depot said it is raising starting pay for employees to $15 an hour, effective this month.
Read more »
Home Depot raises starting hourly pay to $15 amid ongoing nationwide labor shortageHome Depot says it will bring the average starting salary for its hourly workers to $15 an hour. The workers will see the increase this month in their paychecks.
Read more »
Box Office: ‘Cocaine Bear’ Takes on Marvel’s ’Quantumania,’ Aims for $15 Million-Plus DebutPaul Rudd’s Ant-Man is taking on his scariest adversary yet: a 500-pound black bear on cocaine. Universal’s gruesome action-comedy “Cocaine Bear” won’t come close to &…
Read more »
The Home Depot raises hourly pay rates, starting wage ‘is at or above $15 an hour’The Home Depot said it is investing an additional $1 billion in wage increases for hourly workers.
Read more »