Chipmaking Giant Intel Buys A Small Stake, Not Even Worth a Million Dollars, in Coinbase (COIN)
Cathie Wood meanwhile continues to buy COIN shares, making it the fund’s 4th largest holding worth more than $1 billion.
- The chipmaker giant, Intel Corp. has disclosed a small stake in the US cryptocurrency exchange Coinbase.
- The stake, however, is really small and not even worth a million dollars.
On Friday, the chipmaker reported holding about 3,014 shares of Coinbase’s Class A common stock as of June 30 in a regulatory filing. This makes their stake at just under $800,000, with COIN shares trading at $261.25, down over 39% from its all-time high of $429.54, hit briefly on its debut day.
Coinbase went public through a direct listing on Nasdaq in April with a valuation that rose to as high as $112 billion on the first day of its trading.
Earlier this week, Coinbase reported a strong second-quarter beating expectation with nearly $2 billion in revenue and growth of 44.2% in the monthly transacting users (MTUs) to 8.8 million. Their trading volumes also rose to $462 billion, from $335 billion in Q1.
Major players like Cathie Wood have been doubling down on crypto holdings. Wood’s Ark Investment has actually been continuously buying COIN shares, making Coinbase the fund’s 4th largest holding, having a 4.79% weightage worth more than $1 billion in their ARK Innovation ETF.
This ETF invests in companies involved in “disruptive innovation” such as Tesla, Teladoc Health, Roku, Unity, Zoom, Square, Shopify, Twilio, and Spotify, all making its top 10 holdings.