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.
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