David Rosenthal: belief

Transcript context

…To make this, again, all napkin math really easy, because we're just trying to figure out did it work? Is it going to work? Is it showing signs of working? Let's just say their first $8 billion, we have some data on, then the most recent $8 billion, the jury is still out, we don't know yet. Time will tell. If you look at that first eight, that created at least $25 billion which is a cool 3X and you're not even counting, and this could be a monster Databricks which could be worth $20 billion. It wouldn't surprise me if a16z owned 25%. They invested every early and they've been investing every round. They can own $7 billion of that company at the current valuation. Again, I don't know but this will be a reasonable estimate. Instacart would seem reasonable to think they own $2 billion on that. Robinhood, a small percentage because it's only a seed investor then something more recent in the growth round, but you also have Robinhood, Oculus, Flatiron Health, Stack Overflow, Instagram, which is so funny. They generated $78 million out of Instagram which was a nice return at that time but sort of doesn't matter in this overall analysis today. That $25 billion number that grossed 3X is even before all of these other companies that definitely contributed and before all the other ones that may have returned capital, may have done it well, but not Coinbase well. There's one more dark horse, too, which is I believe in the crypto funds and maybe some of the early core funds, they're buying Bitcoin and Ether. Oh, interesting.…

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