Tech Giant Intel Is Holding Nearly $800K in Coinbase Stock

Intel, the computer processor giant and world’s largest semiconductor manufacturer, disclosed to the U.S. Securities and Exchange Commission (SEC) today that it has purchased 3,014 shares in cryptocurrency exchange Coinbase, which went public in April.

The shares are worth about $787,000, based on the current Coinbase (COIN) stock price of $261.25 per share. Intel’s disclosure notes that the shares were purchased before the end of June.

Intel’s investment in Coinbase is an apparent bet on the future of the cryptocurrency market, as the exchange’s fortunes tend to fall in line with those of the crypto market.

With the crypto market back on an upswing in recent weeks, Coinbase’s stock price is likewise on the rise. It traded at a recent low of just above $220 per share as of July 19, but is worth nearly 19% more as of the close of business today. Even so, Coinbase’s stock price is still well below the opening day high of nearly $430, when investors were in a feeding frenzy.

Cathie Wood’s ARK Invest is the single largest institutional owner of Coinbase shares since the exchange went public. ARK Investment Management owns more than 5.6 million shares in Coinbase at a current value of more than $1.3 billion. Its ARK Innovation ETF owns another chunk of shares, nearly 4.26 million of them, which are worth just over $1 billion.

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