Computer chip maker Intel Corp. announced that it is involved in the leading US cryptocurrency exchange Coinbase. The tech giant bought the shares, valued at nearly $ 800,000, after the digital asset trading platform went public earlier this year.
Intel acquires shares in Crypto Exchange Coinbase
Intel announced in a quarterly report to the US Securities and Exchange Commission on Friday that it owns Coinbase shares. The Santa Clara, California-based technology company bought the stake after it listed on the cryptocurrency exchange this spring.
As of June 30, Intel had 3,014 shares of the platform’s operator, Coinbase Global Inc., valued at over $ 760,000 at that time, according to the filed Form 13F. On that day, Coinbase’s stock closed at $ 253.30 per share, details from Market Watch.
The price at the end of June was 22.8% below the closing price of USD 328.28 recorded on the first day of trading in COIN shares, April 14th. The stocks have since caught up some of the lost value, recently topping $ 280.
On the last day leading up to the weekend, Coinbase’s shares rose 1.85% to close at $ 261.25, Fox Business noted in its filing report. Intel’s stock was virtually unchanged on Friday at around $ 53.50.
Earlier this week, Coinbase released earnings and growth data that showed the crypto trading firm had net sales of over 2 billion in the second quarter of 2021, up 44% from this year’s first quarter.
The acquisition of COIN shares isn’t Intel’s first foray into the crypto space. In April, the company partnered with software giant Microsoft to deliver a threat detection tool to combat cryptojacking. And in 2018, Intel was granted a patent for a processing system that can mine Bitcoin in an energy-efficient way.
What do you think of Intel’s investment in Coinbase stock? Let us know in the comments section below.
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