Intel has released new details from its second-quarter report, which ended on June 26. First, it was revealed that the technology behemoth and one of the world’s leading chipmakers had purchased more than 3,000 shares of Coinbase, an American crypto exchange.
Based in Santa Clara, California, the corporation has kept the fact that it bought Coinbase stock in the second fiscal quarter of 2021 a secret for a long time. Nonetheless, on Friday, its officials decided to inform the business journal Barron’s about it, exposing, among other things, the exact amount of purchased shares of the crypto exchange 3014.
Today’s buying price is $787,407, based on the current NASDAQ COIN price of $261.25, which is up 2.75 percent from yesterday’s close. However, it’s possible that Intel bought the shares before Coinbase went public on the New York Stock Exchange. In this situation, the company’s cost was significantly lower. Furthermore, we shall discover that Intel’s investment in the crypto exchange is extremely tiny, based on corporate standards, because the chipmaker’s overall investment in securities surpasses $100 million, according to its SEC filing.
In the cryptocurrency industry, Intel’s financial injections into Coinbase were immediately viewed as an evident bet on the establishment of a new asset market soon. Given the possibility that Intel purchased shares before COIN went public, the transaction could be much more rewarding. Indeed, the cryptocurrency market resumed its bullish advance with new strength in April, becoming increasingly “green” daily.
ARK Invest, led by Katie Wood, is now Coinbase’s largest institutional shareholder. She started investing in the exchange as soon as it became public. Coinbase is owned by ARK Investment Management for over $1.3 billion (5.6 million shares purchased), while the ARK Innovation ETF owns 4.26 million shares for over $1 billion.
Customers are still waiting for Coinbase to return to its beginning price of above $400, despite the current surge, in the hopes of recouping their investment.