The computer chip producer Intel has entered the cryptocurrency space through a relatively small stake in Coinbase.
The US multinational corporation Intel Corp. has disclosed purchasing shares of America’s largest cryptocurrency exchange – Coinbase. The tech company, headquartered in Santa Clara, California, currently owns just a little over 3,000 COIN stocks.
Founded in 1968, Intel Corporation is among the largest tech companies with revenue nearing $80 billion as of last year.
According to recent reports, the behemoth has received exposure to the cryptocurrency space by buying shares of one of the most notable firms in the industry.
More specifically, Intel had disclosed acquiring 3,014 shares of Coinbase, which it held at the end of June.
As previously reported, the largest US exchange went public in mid-April on NASDAQ. At the time, the COIN stocks traded around $400, and the total valuation exceeded $100 billion.
The subsequent turbulence in the market caused a price dip for COIN, which closed on Friday at $261. Consequently, this means that Intel’s total allocation is worth approximately $800,000 as of now.
Although Coinbase is a publicly-traded company since April, the report suggested that it’s possible Intel had invested in the exchange even before the direct listing.
Other companies that have allocated funds in the trading platform include Cathie Wood’s investment management firm ARK Invest.