Coinbase co-founder joins rush for Venezuelan oil assets under new US-backed framework

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.

Reuters reported on Sept. 2 that Primavera was among companies expected to sign Venezuelan energy agreements as soon as that day. Bloomberg reported on Sept. 1 that Ehrsam was seeking control of at least three fields operated by Alvorada Heavy Industries in the Boca, Guico and Guara blocks of the Orinoco Belt.

Bloomberg attributed the block-level details to unnamed people familiar with nonpublic talks, while Reuters did not identify the fields.

Neither Coinbase nor Paradigm has been identified as a bidder or participant, and no blockchain, cryptocurrency, or digital payments component has been established for the reported transaction.

Ehrsam nevertheless retains close ties to the crypto industry. Coinbase's 2026 proxy filing lists him as a director, while Paradigm describes him as a co-founder and senior advisor. The distinction makes this a story about crypto-derived personal capital entering a state-mediated commodity business.

Banco de Venezuela said it hosted Ehrsam at a digital-finance event in Caracas on May 13, where he discussed opportunities involving cryptocurrencies and the country's financial sector.

The talks are unfolding during a wider reallocation of Venezuelan energy assets. On Aug. 31, a White House fact sheet said interim Venezuelan authorities had granted North American Blue Energy Partners 100-year concessions covering 17 fields.

The arrangement includes a 35% US government equity stake, preferential purchase rights over production and veto power over board appointments.

The authority behind those long-term rights is already contested. The Associated Press reported that analysts questioned whether acting President Delcy Rodríguez could grant 100-year oil-field rights and noted that the National Assembly had not approved the wider arrangement.

Primavera's reported pursuit shows how capital built in crypto can move into politically allocated hard assets. An executed agreement, including the assets and terms it covers, would determine whether that pursuit becomes operational control.

Until then, Boca, Guico, and Guara remain reported targets under negotiation.

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