Nearly $800K in Coinbase Stock is Owned By Tech Giant Intel

Nearly $800K in Coinbase Stock is Owned By Tech Giant Intel

The maker of semiconductor chips, Intel, may enter into the crypto sector. The firm bought around $800,000 Coinbase (COIN) in equities on June 26, 2021, disclosed via a filing filed with the U.S. Securities and Exchange Commission (SEC), reported by Barron’s Financial News website.

Intel owns 3,014 common class A shares from the crypto company Coinbase Global Inc., in accordance with the Form 13F filing with the U.S. regulator. The article cites other stock investments in businesses, including Maxlinear Inc. (MXL), Shift4 Payments Inc. (FOUR), and McAfee Corp. (MCFE).

Barrons stated that Intel had more than $100 million in publicly listed assets. The business thus had to make these investments known to the Commission. The article specifies that Intel may have already bought inventories before Coinbase launched in the U.S. public market in April 2021.

Gamble on the Future of the Cryptocurrency Industry

Although this represents the first significant investment of Intel in a crypto-related enterprise, Bitcoin, cryptocurrencies, and blockchain technology have been of interest to the Chip Manufacturer for years. The firm submitted a patent for Bitcoin mining in 2019.

Intel’s Coinbase investment is an obvious gamble on the future of the cryptocurrency industry. Since the wealth of the exchange tends to decrease with those of the cryptocurrency market. Coinbase went public in April when the market rose to all time, but when Bitcoin, Ethereum, and other major currencies plummeted in mid-May, the stock price fell far below the initial $250 reference price.

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