Cryptocurrency

Intel Owns Over $800,000 Coinbase Stock

Intel takes a tiny stake on the crypto general market growth by investing in prominent platform Coinbase.

Intel, the world’s biggest semiconductor maker, said today to the Securities and Exchange Commission that it had bought 3,014 shares in Coinbase, that made headlines in April.

Depending on the latest Coinbase stock price of 261.25 dollars a share, the stocks owned are worth approximately 787,000 dollars.  According to Intel’s statement, the shares were bought before July started.

According to Barron’s, Intel could have purchased the shares prior to Coinbase’s direct offering in April, but because the investment in the cryptocurrency exchange is so modest, it falls well short of the 5 percent level which might compel Coinbase to declare it upon coming out publicly.

Intel declared the transaction to the SEC since, as a public corporation, it had more than 100 million dollars in total interests.

Intel’s stake in Coinbase is an obvious gamble on the direction of the crypto community, since the issuer’s prospects seem to track that of the cryptocurrency industry.

Coinbase made headlines back in April, when the price were at an all-time high, however the share value of the stocks plummeted considerably below the initial 250 dollars fair value when Bitcoin, Ethereum, and other major cryptocurrencies collapsed in May.

Coinbase’s share price has risen in recent weeks as the cryptocurrency market has recovered. It sold at a recent low of just around 220 dollars each share on July the 19th, and is now worth approximately 19 percent higher as of today’s close. Nonetheless, Coinbase’s stock value is still considerably underneath the initial day peak of over 430 dollars.

Since before the platform made headlines, Cathie Wood’s ARK Invest has been the greatest single client of Coinbase shares.

According to CNN, ARK Investment Management holds upwards of 5.6 million worth of stock in Coinbase, which is worth more than 1.3 billion dollars at the moment. Their ARK Innovation ETF has roughly 4.26 million shares, which also are valued little more than 1 billion dollars.

Coinbase’s shares temporarily surpassed 290 dollars for every share this week as the company announced record profitability for the second quarter, earning well over 1.6 billion dollars in profit, nearly two times its 1st quarter gain.

Coinbase’s month-to-month transactional users increased 44 percent from the 1st Quarter to the 2nd Quarter, reaching 8.8 million, and the company now has 68 million authenticated clients on its service.

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