Intel bought 3,014 shares of Coinbase, listed on Nasdaq since April. Today those shares are worth 803,000, a 5% increase over the original price.
Computer processor developer Intel Corp detailed that it bought shares of cryptocurrency exchange Coinbase in this year's second-quarter financial report. The total investment was close to $763,446 for the purchase of 3,014 shares as of June 30.
As reported by Reuters, Intel's disbursement was disclosed as part of its report to the Securities and Exchange Commission (SEC). The purchase of shares of the exchange occurred in the second quarter of the year when Coinbase began its direct listing on the Nasdaq exchange. This early support and the fact that it is a low figure for a company like Intel account for what appears to be a "token" endorsement.
According to the official Nasdaq site, Coinbase shares were trading at $266.55 at press time. Therefore, as of today, Intel's investment would be equivalent to $803,381. However, at the closing of the quarterly report filed with the SEC, each share was trading at approximately $253.
Coinbase has had a bumpy few months since its IPO
Since its direct listing on April 14, the cryptocurrency exchange has experienced important events for its financial future. On the one hand, Goldman Sachs, one of the most prestigious banks in the United States, is offering its clients to invest in Coinbase shares since May.
However, it also had bad news. In July, some of its investors sued the company for misleading attitudes linked to its arrival on the stock market. Specifically, the firm led
by Brian Armstrong and Fred Ehrsam is accused of resorting to the sale of bonds to acquire financing after opting for a direct listing on Nasdaq.
These decisions are contradictory, as the direct listing involves the sale of shares without raising additional capital. In light of this, the plaintiffs claim that the exchange submitted false documentation that omitted the need for a capital injection to continue operations in the face of a steady increase in users.