Surprising Investor: Intel Now Owns Coinbase Shares

Surprising Investor: Intel Now Owns Coinbase Shares

The US multinational corporation Intel Corp. has disclosed purchasing shares of America’s largest cryptocurrency exchange – Coinbase. The tech company, headquartered in Santa Clara, California, currently owns just a little over 3,000 COIN stocks.

  • Founded in 1968, Intel Corporation is among the largest tech companies with revenue nearing $80 billion as of last year.
  • According to recent reports, the behemoth has received exposure to the cryptocurrency space by buying shares of one of the most notable firms in the industry.
  • More specifically, Intel had disclosed acquiring 3,014 shares of Coinbase, which it held at the end of June.
  • As previously reported, the largest US exchange went public in mid-April on NASDAQ. At the time, the COIN stocks traded around $400, and the total valuation exceeded $100 billion.
  • The subsequent turbulence in the market caused a price dip for COIN, which closed on Friday at $261. Consequently, this means that Intel’s total allocation is worth approximately $800,000 as of now.
  • Although Coinbase is a publicly-traded company since April, the report suggested that it’s possible Intel had invested in the exchange even before the direct listing.
  • Other companies that have allocated funds in the trading platform include Cathie Wood’s investment management firm ARK Invest.
  • Featured Image Courtesy of PCGamer

    Source