Epstein’s Early Crypto Moves: From Coinbase to Blockstream
In the early 2010s, Epstein began investing in two major crypto ventures.
Coinbase and Blockstream
- Coinbase: A growing exchange that later reached a market cap of around $43 billion.
- Blockstream: A company that helped build infrastructure for Bitcoin.
Brock Pierce's Role
Brock Pierce, a former child-star from The Mighty Ducks (1992), guided Epstein toward these deals. He ran Crypto Currency Partners before it renamed to Blockchain Capital. He was also one of the first people to co-found Tether, whose stablecoin now dominates the crypto market.
Email Correspondence
Pierce sent an email to Reid Hoffman in 2014:
"Coinbase is closing a C round. This week? Should I play? How hard?"
This message sparked Epstein's interest. In 2015, he replied, offering $3 million for Coinbase’s Series-C round, which was worth about $400 million at the time.
By 2018, Blockchain Capital sold $15 million of Coinbase equity back to Epstein, according to a spokesperson.
Blockstream Investments
Coinbase was not Epstein’s only focus. Emails from the DOJ show he also invested in Blockstream in 2014. He corresponded with Austin Hill and Adam Back, both co-founders of the company. Hill sent research notes to Epstein that argued for Bitcoin’s utility.
Back posted on X on February 1 that Blockstream was introduced to Epstein via Joi Ito, director of MIT Media Lab. In his capacity as a limited partner in Ito’s fund, Epstein helped bring Blockstream into the spotlight. Back said Ito divested because of "potential conflict of interest, and other concerns," noting there is no direct or indirect link with Epstein.
Peggy Siegal and Michael Saylor
Before Saylor’s rise as a crypto evangelist, Epstein also crossed paths with Peggy Siegal in 2010. She worked for Michael Saylor, who would later rename his company Strategy and become a major Bitcoin holder. In emails, she described Saylor as "a complete creep" but that changed after he gained traction.
Impact on the Crypto Space
The documents show how Epstein’s early investments in Coinbase and Blockstream helped shape the crypto space. They also point to a network of tech players—Pierce, Hill, Back, Ito—that guided his moves. The timeline highlights that he capitalized on key moments: a Series-C round in 2015 and a resale in 2018.
Conclusion
No major wrongdoing has been linked to Epstein or the companies involved. His portfolio now covers both an exchange and infrastructure firm, illustrating his knack for spotting promising crypto opportunities.
