Computer chip maker Intel Corp. revealed that he owns a stake in the leading US cryptocurrency exchange Coinbase. The technology giant bought shares worth nearly $ 800,000.
Intel bought shares in Coinbase
Founded in 1968, Intel Corporation is one of the largest technology companies with revenues approaching $ 80 billion last year.
In a report filed with the US Securities and Exchange Commission (SEC) on Friday, Intel announced that it owned shares in Coinbase. A technology company based in Santa Clara, California, bought a stake after listing the cryptocurrency exchange this spring.
According to the filed Form 13F As of June 30, Intel had 3014 shares in the platform operator, Coinbase Global Inc., valued at more than $ 760,000 at the time. As of that date, Coinbase shares were trading at $ 253.30 per share.
The price at the end of June was 22.8% lower than the closing price of $ 328.28 registered on the first day of trading in COIN shares, April 14. Shares have since regained some of the lost value, which recently exceeded $ 280.
On the last day before the weekend, Coinbase shares rose 1.85% with a closing price of $ 261.25, Fox Business said in its filing report. As a result, Intel’s total allocation is now worth approximately $ 800,000. Shares of Intel remained almost unchanged after the announcement, around $ 53.50.
Earlier this week, Coinbase released revenue and growth data that showed the company had net income of more than $ 2 billion in the second quarter of 2021. The exchange also revealed that it had around 68 million authenticated users.
Coinbase specifically mentions different types of income. Here are some of them:
- Second-quarter retail transaction revenue was $ 1.8 billion, up 26% from the first quarter
- Revenue from institutional transactions was $ 102.4 million, up 20% from the first quarter.
- Subscription and service revenue in the second quarter was $ 103 million, which is 82% more than in the first quarter.
- Administrative service revenue increased $ 32 million.
The acquisition of COIN shares is not Intel’s first foray into the crypto sector. In April, the company joined forces with software giant Microsoft to launch a threat detection tool to combat cryptojacking. And in 2018, Intel was granted a patent for a processing system capable of mining BTC in an energy-efficient way.
