Computer Processor Producer Intel Holds $800K In Coinbase Stocks

The computer processor producer Intel now holds more than $800K in coinbase stocks making a smaller bet on the future of the crypto market with the investment as we are reading more in our latest coinbase news today.

Semiconductor manufacturer and computer processor producer Intel disclosed to the SEC that it holds about $800,000 worth of Coinbase stock. The exchange went public via a direct listing in April as the company recorded Q2 profits this week. Intel disclosed to the US SEC that it purchased 3014 shares in crypto exchange Coinbase that went public in April. The shares are worth about $787,000 as of this writing based on the COIN stock price of $261 per share. Intel’s disclosure noted that the shares were purchased before the end of June. Barron’s reports that Intel could have purchased the shares before the Coinbase direct listing started in April but since the stake in the exchange is small, it is well under a 5% threshold that will require Coinbase to report it when going public. Intel disclosed the investment to the SEC as it holds more than $100M in total investments as a public company.

Intel’s investment in the exchange is an apparent bet on the future of the crypto market as the exchange’s fortunes usually fall in line with those of the crypto market. Coinbase went public in April once the market was soaring to an ATH but the stock price dropped below the original $250 reference price when BTC, ETH, and other coins dropped in May. With the crypto markets back on track, Coinbase’s stock price is likewise on the rise and traded to a low of above $220 per share but is worth nearly 19% more as of the close of business today. Coinbase’s stock price is still well below the opening day high of $430 when the investors were starting a frenzy.

Cathie Wood’s ARK invest is the single biggest institutional owner of Coinbase shares since the exchange went public. As per CNN, Ark Investment Management now owns more than 5.6 million shares in Coinbase at a value of more than $1.3 billion and the ETF owns another chunk of shares nearly 4.25 million of them which are worth over $1 billion. The stock of the exchange popped above $290 per share this week when the company reported record earnings for the second quarter noticing over $1.6 billion in profit which is almost double since the first quarter. Coinbase’s monthly transacting users grew 44% from Q1 to Q2 to 8.8 million and the company now has 68 million verified users on the platform.

Source: https://www.dcforecasts.com/coinbase-news/computer-processor-producer-intel-holds-800k-in-coinbase-stocks/