What Happened: Leading computer chip manufacturer Intel Corporation INTC holds a stake in U.S.-based cryptocurrency exchange Coinbase Global Inc COIN.
In a filing with the U.S. Securities and Exchange Commission (SEC) on Friday, Intel revealed that it holds 3,014 shares of Coinbase’s common stock, which will now be worth over $770,000.
According to a report from Barrons, Intel was obligated to disclose its stake in Coinbase only because it owns over $100 million in publicly traded investments.
Why It Matters: With a market cap of over $217 billion at the time of writing, the size of Intel’s investment in Coinbase failed to inspire many in the crypto community.
Still, the investment itself represents Intel’s first stake in a company engaged in cryptocurrency-related operations.
Coinbase’s direct listing earlier this year was one of the most widely anticipated events in the space, with the crypto exchange closing its first day of trading with a valuation of $87.5 billion.
Coinciding with Coinbase’s immensely successful public debut was Bitcoin’s BTC/USD rise to an all-time high of $64,800.
However, Coinbase’s shares fell by 34% after Bitcoin crashed to $34,300 on May 19.
Both Coinbase shares and cryptocurrencies have recovered considerably since, with Coinbase shares gaining 13.42% in the last month and Bitcoin gaining 37% over the same period.
Price Action: At press time, Bitcoin was trading at $46,188 after going down just 0.49% over the past 24-hours.
Coinbase shares were down 1.71% on Monday, trading at a price of $256.60.
See also: HOW TO BUY INTEL (INTC) STOCK
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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