Coinbase co‑founder Fred Ehrsam’s Venezuela‑focused investment firm, Primavera, is said to be pursuing three oil assets as the nation reshuffles its energy projects under a U.S.–backed framework.
Reuters reported on September 2 that Primavera was among the firms expected to sign Venezuelan energy deals that same day, while Bloomberg noted on September 1 that Ehrsam sought control of at least three fields run by Alvorada Heavy Industries in the Boca, Guico and Guara blocks of the Orinoco Belt.
Bloomberg sourced the block‑level information from unnamed individuals close to the private discussions; Reuters did not name the specific fields.
Coinbase Co‑Founder’s Crypto Wealth Turns to Venezuela
Neither Coinbase nor Paradigm has been named as a bidder or participant, and the reported transaction does not involve any blockchain, cryptocurrency or digital‑payment component.
Ehrsam remains closely tied to the crypto world. Coinbase’s 2026 proxy filing lists him as a director, while Paradigm describes him as a co‑founder and senior adviser. This underscores how personal wealth generated in cryptocurrency is flowing into a state‑mediated commodities sector.
Banco de Venezuela said it hosted Ehrsam at a digital‑finance event in Caracas on May 13, where he discussed crypto‑related opportunities for the nation’s financial sector.
The negotiations are taking place amid a broader reallocation of Venezuelan energy assets. On August 31, a White House fact sheet said interim Venezuelan authorities had awarded North American Blue Energy Partners 100‑year concessions covering 17 fields.
The deal includes a 35 % equity stake for the U.S. government, preferential purchase rights over output, and veto power over board appointments.
The legitimacy of those long‑term rights is already being challenged. The Associated Press reported that analysts doubted whether acting President Delcy Rodríguez could legally grant 100‑year oil‑field concessions, noting that the National Assembly has not endorsed the broader arrangement.
Primavera’s reported interest illustrates how capital amassed in the crypto sphere can shift into politically allocated hard assets. A final agreement—detailing the assets and terms—would determine whether the pursuit translates into operational control.
For now, the Boca, Guico and Guara blocks remain reported targets under negotiation.
