Intel buys COIN shares
The Intel company appears to be making a bet on the future of the cryptocurrency industry by investing directly in the Coinbase exchange. According to a document filed with the United States Securities and Exchange Commission (SEC), the world’s largest semiconductor maker has acquired 3,014 shares of COIN.
The total investment is around $ 787,000 based on the current share price of $ 261.25. Intel’s statement says the shares were acquired in late June.
Intel isn’t the only company to hold COIN shares. ARK Invest is the largest institutional owner of Coinbase shares. Thus, ARK Investment Management owns more than 5.6 million shares of Coinbase with a value of more than $ 1.3 billion. The “ARK Innovation” exchange-traded fund (ETF) also holds nearly 4.26 million COIN shares worth $ 1 billion at the current price.
Record results for Coinbase
Coinbase stock briefly exceeded $ 290 this week when the company released its financial results for the second quarter. We can learn from this document that the US exchange achieved a turnover of $ 2 billion in this period. Note that the exchange derives 95% of its income from trading fees, or about $ 1.9 billion.
A record quarter since total revenue in 2020 was just $ 1.3 billion for a profit of $ 322 million.
The exchange also revealed that it has around 68 million verified users or 25 million additional users in 6 months. A growth that can easily be described as exponential.
👉 Read on the same topic: Historic Coinbase Investors and Executives Sell $ 5 Billion of COIN Shares on Listing Day
About the author: Florent David
Engaged in the crypto ecosystem since 2017. I am particularly interested in decentralized finance (DeFi), Ethereum 2.0 and non-fungible tokens (NFT).
All articles by Florent David.