Coinbase has proven to be a disappointment for investors who bought soon after the crypto exchange’s April direct listing. But that’s far from the case with the handful of venture firms that snapped up shares in the company’s last private fundraising.
As I wrote in a story on Friday, Tiger Global Management is a big winner here: Coinbase shares have risen 469% since the prolific dealmaker led Coinbase’s Series E round in October 2018. In contrast, Coinbase shares have fallen 46% since its first trades as a public company in April 2021. Tiger’s hedge fund owns 2.7 million Coinbase shares, according to a November securities filing.