Intel has a stake in Coinbase with nearly $800,000 share value: Report

on Aug 14, 2021
  • Intel is another surprise investor in Coinbase Global, as it reveals it owns 3,014 shares in the company.
  • The Tech giant said it had the shares as of the end of June.
  • Coinbase has increased its market cap after going public through direct listing in April.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

Chip Giant Intel has disclosed that it has a stake in Coinbase shares. The company, based in Santa Clara, seems to have bought some shares on the crypto exchange in its Q2 ending June 26.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

Coinbase Global is one of the largest cryptocurrency exchanges in the world. It offers cryptocurrency trading services for a wide range of crypto assets, including Ethereum (ETH/USD), Bitcoin (BTC/USD), and Cardano (ADA/USD).

Intel had the shares at the end of Q2

Copy link to section

According to a statement credited to Intel, the company stated that it has 3,014 Coinbase shares as of the end of June. This means that at the time Coinbase went public on NASDAQ in April, the tech giant may not have acquired the shares.

However, it’s not certain whether Intel bought the shares before they started trading publicly. Companies are not mandated by regulatory authorities to disclose the identities of investors with less than a 5% stake in the company.

Intel was required to reveal its acquisition 

Copy link to section

Since the Coinbase shares Intel bought are less than 5% of the entire shares, only Intel could disclose when exactly the shares were bought.

Coinbase started trading publicly through a direct listing. Based on the exchange’s share price at the time of listing, Intel’s stake could amount to less than $800,000. Intel needs to report the shares since it owns more than $100 million in publicly traded funds.

Since Coinbase went public, the exchange has grown both in user base and market capitalization. On Tuesday, the company reported a strong quarter-finals result. However, it warned that activities on the platform will reduce in the third quarter.

Coinbase has grown significantly over the past few months. Although the growth picked last year, it skyrocketed after the exchange-listed its shares on NASDAQ.