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Chip Giant Intel Buys Shares of Coinbase

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Fri, 08/13/2021 - 19:07
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Alex Dovbnya
Intel has disclosed a minor stake in America’s largest cryptocurrency trading platform
Chip Giant Intel Buys Shares of Coinbase
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Intel, the largest semiconductor chip manufacturer in the world, has disclosed a stake in cryptocurrency exchange Coinbase.

It bought 3,014 COIN shares for $763,000, according to a quarterly report filed by the firm’s institutional investment managers with the U.S. Securities and Exchange Commission.

Given that Intel has a market cap of $216 billion, the purchase might seem quite small. Yet, it represents the tech giant’s first meaningful investment in the cryptocurrency space.

In 2018, the manufacturer of widely used computer chips was also awarded a patent for a processor that enables energy-efficient Bitcoin mining.

Prior to that, Intel joined forces with software development platform PokitDok in order to leverage the blockchain technology.    

Back in 2017, the Santa Clara-based company also partnered with French hardware wallet maker Ledger to develop a new solution for safely storing cryptocurrency.

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Coinbase shares stage a recovery  

The shares of Coinbase soared to $294 on Aug. 11, their highest level since May 12.

COIN
Image by tradingview.com

Despite a muted outlook from Wall Street, Coinbase managed to significantly outperform analysts’ forecasts with its higher-than-expected transaction-based revenue.

As reported by U.Today, Ark Investment Management kept increasing its Coinbase holdings during the market drawdown.

Its ARK Fintech Innovation ETF currently holds $172 million worth of COIN shares.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.