End of Q2 holdings for Intel showed a small stack of COIN shares,
valuing between $500,000 and $1,000,000 at time of publication.
Over the course of 2020 and 2021, the cryptocurrency industry has
attracted a notable amount of mainstream attention. In line with the
growing awareness of the crypto industry, Intel, a tech company with
history dating back to the 1960s, revealed an investment in crypto
exchange Coinbase (COIN).
Although a number of specifics remain
unknown, such as when the purchase occurred, required Q2 financial
disclosure from Intel showed the outfit carrying 3,014 COIN shares at
Q2’s conclusion, according to a Friday article
from Barron’s. “Intel was obligated to disclose the stake to the
Securities and Exchange Commission because it owns more than $100
million in publicly traded investments,” Barron’s noted.
The disclosure from Intel went public on Aug. 13, according to the article.
Coinbase took its operation public in April 2021, listing directly on the Nasdaq. Since the listing, Coinbase has seen its shares trading between an approximate range of $210 and $430 per share, based on TradingView data.
COIN
closed trading on Friday at $261.25 per share. At that price, Intel’s
reported end of Q2 holdings currently value $787,407.50. COIN closed Q2
at $253.30, which would have made Intel’s holdings of the asset worth
$763,446.20 at the time.
“It is possible that Intel invested in
Coinbase before the shares were trading publicly,” the Barron’s article
said. “Regulatory filings only require companies that are going public
to disclose investors with stakes of 5% or more.”
Intel has had its hand in various blockchain endeavors in the past, including offering a Hyperledger Fabric-based blockchain solution.
source link : https://cointelegraph.com/news/a-mainstream-tech-giant-holds-shares-of-coinbase-stock
