Intel buys over 3,000 Coinbase shares in fiscal second
Intel has revealed new details of its report for the second quarter ended June 26. From it, it became known that the technology giant and one of the world's largest chip manufacturers acquired more than 3,000 shares of the American cryptocurrency exchange Coinbase.
The company, headquartered in Santa Clara, California, has long hidden the fact that it invested in Coinbase shares in the second fiscal quarter of 2021. However, this Friday its representatives nevertheless decided to inform the Barron’s business publication about this, disclosing, among other things, the exact number of purchased shares of the crypto exchange 3014.
Today the purchase amount is $787,407 at the current NASDAQ COIN price of $261.25, taking into account their 2.75% rise at yesterday's close. But Intel may well have acquired the shares before Coinbase was listed on the US stock exchange. In this case, their cost was much cheaper for the company. In addition, based on corporate standards, we will find that Intel's investment in the crypto exchange is very small. Because the chip maker's total investment in securities, according to its report filed with the SEC, exceeds $100 million.
Financial injections into Coinbase from Intel in the cryptocurrency community were instantly regarded as an obvious bet on the development of a new asset market in the foreseeable future. Considering that shares may have been acquired by Intel before COIN went public, the investment could be even more profitable. Indeed, in April, the cryptocurrency market continued its bullish rally with renewed vigor, becoming more and more “green” every day.
Today, the largest institutional shareholder in Coinbase is ARK Invest, led by Katie Wood. She began investing in the exchange from the moment it went public. ARK Investment Management owns over $1.3 billion in Coinbase (5.6 million shares purchased), and the ARK Innovation ETF holds 4.26 million shares for an equally impressive over $1 billion.
Unfortunately, even with the current growth, Coinbase customers are still waiting for the stock exchange to return to its starting price above $400 in hopes of recouping their investment.