Intel Unveils It Owns Over 3,000 Coinbase Shares

The acquisition was not disclosed at the end of the first quarter in Intel's fillings.

Intel, a chip giant manufacturer, has disclosed it bought shares from the US-listed cryptocurrency exchange Coinbase, precisely 3,014 shares. However, according to an article from Barron’s, the number of stocks had been numbered as of the end of June, and the fillings imply that the firm did not acquire them during the first quarter of 2021.

In fact, the report suggests that Intel could have bought Coinbase’s shares before the crypto exchange started to trade publicly in Nasdaq during April via a direct listing. As of press time, the chip giant manufacturer did not comment on the matter. But, overall, the figures unveil that such investment is small, at just $800,000, taking into consideration the recent price of Coinbase’s shares at $264.60.

Per the US Securities and Exchange Commission, companies with over $100 million in publicly traded investments like Intel should disclose their stakes. Currently, the chip giant has allocated money on McAfee, MaxLinear, and Shift4 Payments. Early this month, Coinbase announced its financial results for Q2 of 2021. The company reported a record jump in trading volume and revenue due to a surge in the adoption of digital currencies. The retail transaction revenue in the last quarter reached $1.8 billion, which is 26% higher compared to the first quarter of 2021. In addition, the exchange’s institutional transaction revenue touched $102 million in Q2 of 2021.

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Coinbase Investments

Also, Coinbase has been doing some business manoeuvres in terms of joining investments. In July, Finance Magnates reported that Bank of America, Coinbase Ventures – Founders Fund – and FTX joined the Series D funding round of Paxos, a regulated blockchain infrastructure platform.

That said, Paxos received a valuation of $2.4 billion. To date, the company has raised a total of $540 million. In April 2021, Paxos secured $300 million in a funding round led by Oak HC/FT with participation from previous investors, including Declaration Partners, PayPal Ventures and Mithril Capital.

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