Intel Corp Invested In Coinbase, Latest SEC Filings Reveal

Intel Corp. the leading computer chip manufacturer, it in latest SEC filing that it holds a stake in the U.S. cryptocurrency exchange, Coinbase. The tech giant purchased almost $800,000 worth of COIN shares after the digital asset trading platform went public earlier this year.

Intel Bought Coinbase Shares

Intel has disclosed it owns Coinbase stock in a quarterly report submitted to the U.S. Securities and Exchanges Commission (SEC) on Friday. The California-based technology company bought the stake following the listing of the cryptocurrency exchange earlier this spring.

More specifically, Intel had disclosed acquiring 3,014 shares of Coinbase, which it held at the end of June, valued at over $760,000 at the time. On that date, Coinbase’s stock closed at $253.30 per share, according to Market Watch.

The price at the end of June was 22.8% lower than the $328.28 closing rate registered on the first day of trading of the COIN shares, April 14. The stocks have since recovered some of the lost value, recently exceeding $280.

On the last day before the weekend, Coinbase’s shares rose by 1.85% with a closing price of $261.25, Fox Business noted in its report on the regulatory filing. The shares of Intel remained almost unchanged on Friday, at around $53.50.

Earlier this week, Coinbase published earnings and growth data which showed the crypto trading company made over $2 billion in net revenue during Q2, 2021. The exchange also revealed it had around 68 million verified users while its retail monthly transacting users rose to 8.8 million, a 44% increase over this year’s first quarter.

The COIN shares acquisition isn’t Intel’s first foray into the crypto space. In April, the corporation joined forces with software giant Microsoft to deploy a threat detection tool designed to combat cryptojacking. And in 2018, Intel was granted a patent for a processing system capable of mining bitcoin in an energy efficient way.

Although Coinbase is a publicly-traded company since April, the report suggested that it’s possible Intel had invested in the exchange even before the direct listing.

Other companies that have allocated funds in the trading platform include Cathie Wood’s investment management firm ARK Invest.