Intel, the world’s leading semiconductor manufacturer, acquired 3,014 shares of Coinbase (COIN) stock with a current value of $787,000. The stock is up slightly after the company reported strong financial results for the second quarter of 2021.
Intel Buys COIN Shares
Intel appears to be making a bet on the future of the cryptocurrency industry by investing directly in the Coinbase exchange. According to a filing with the U.S. Securities and Exchange Commission (SEC), the world’s leading semiconductor manufacturer has acquired 3,014 COIN shares.
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 is not the only company to own COIN stock. ARK Invest is the largest institutional owner of Coinbase shares. For example, ARK Investment Management owns more than 5.6 million Coinbase shares worth more than $1.3 billion. The “ARK Innovation” exchange-traded fund (ETF) also owns nearly 4.26 million COIN shares worth $1 billion at current prices.
Record results for Coinbase
Coinbase’s stock briefly topped $290 this week when the company released its financial results for the second quarter. We can learn from this document that the American exchange has achieved a turnover of $2 billion in this period. Note that the exchange derives 95% of its revenue from trading fees, or about $ 1.9 billion.
A record quarter since the total turnover in 2020 was only 1.3 billion dollars for a profit of 322 million dollars.
The exchange also revealed that it had about 68 million verified users, which is 25 million more users in 6 months. A growth that can easily be described as exponential.