Coinbase · Bloomberg · CryptoSlate
Coinbase co-founder joins rush for Venezuelan oil assets under new US-backed framework
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Coinbase co-founder Fred Ehrsam's separate Venezuela investment firm, Primavera, is reportedly pursuing three oil assets as the country reallocates energy projects under a US-backed restructuring.
Key facts
- On Sept. 2 that Primavera was among companies expected to sign Venezuelan energy agreements as soon as that day
- The arrangement includes a 35% US government equity stake, preferential purchase rights over production and veto power over board appointments
- Coinbase's 2026 proxy filing lists him as a director, while Paradigm describes him as a co-founder and senior advisor
- Coinbase co-founder Fred Ehrsam's separate Venezuela investment firm, Primavera, is reportedly pursuing three oil assets as the country reallocates energy projects under a US-backed restructuring
Summary
01 Fred Ehrsam’s investment firm Primavera is reportedly negotiating for three Venezuelan oil fields amid a US-backed restructuring of energy assets. 02 The reported move would place crypto-derived personal capital into a politically allocated commodity sector, without Coinbase or Paradigm involvement. 03 No agreement or asset transfer has been announced, while questions remain over the authority for granting long-term Venezuelan oil rights. On Sept. 2 that Primavera was among companies expected to sign Venezuelan energy agreements as soon as that day.