During the course of 2020 and 2021, the digital currency industry has drawn in a significant amount of general attention. In accordance with the increasing awareness of the cryptocurrency industry, Intl, a technology corporation with a history going back to the 60s, disclosed an investment in cryptocurrency exchange platform Coinbase.
According to Barron’s article posted on Friday, even though a number of details remain undisclosed, such as when the investment took place, required second fiscal quarter-related disclosure from Intel demonstrated the company holding 3,014 COIN shares at the conclusion of the second fiscal quarter.
Barron’s remarked that Intel was required to reveal the stake in question to the SEC, or Securities and Exchange Commission due to the fact that it holds publicly traded investments worth more than 100 million USD.
According to what the article said, the announcement from Intel was posted this Friday.
Based on data received via TradingView, Coinbase took its ventures public this year in April, making it directly on Nasdaq listings. Ever since the listing, the platform has experienced its shares trading between a rough range of 210 USD and 430 USD a share. During the time the platform went public, the market was at its peak. The stock price, however, sank below the initial 250 USD reference price when Bitcoin and other top cryptocurrencies plummeted in mid-May.
Coinbase closed trading this Friday at a value of 261.25 a share. At such a price, Intel’s reported end of second fiscal quarter holdings is presently valued at 787,407.50 USD. Coinbase closed Q2 at 253.30 USD. This would have made Intel’s stock of the asset worth a total of 763,446 USD at that time.
Barron’s article stated that it is a possible fact that Intel had invested in Coinbase prior to the shares being traded publicly. Supervisory filings only require corporations that are taking their operations public to reveal investors holding stakes of 5 percent or more. However, since the stake in the digital currency exchange is so minimal, keeping in mind corporate benchmarks, it is evidently under the 5 percent threshold that would otherwise obligate Coinbase to reveal it when going public.
Intel has dabbled in numerous blockchain endeavors in the past, one of them including providing a Hyperledger Fabric-based blockchain program.
Intel’s investment in Coinbase is an evident bet on the future of the digital currency market, as the fortunes of the exchange are inclined to be similar to those in the cryptocurrency market.