Intel discloses small stake in crypto exchange Coinbase

Intel has disclosed a stake worth less than a million dollars in U.S. cryptocurrency exchange Coinbase Global.
The US-based chipmaker held about 3,014 shares of Coinbase’s Class A common stock as of June 30, Intel said in a regulatory filing. Share of Coinbase, one of the largest cryptocurrency exchanges in the world, would be worth around $788,191, based on trading price of $261.51 at 15:01 pm ET on Friday.

Major players have increased their crypto holdings including star stock picker Cathie Wood and Tesla founder Elon Musk.

Coinbase went public through a direct listing in April, which saw its valuation rise to as high as $112 billion on the first day of trading.

Coinbase reported a 12-fold increase in revenue from a year earlier to $2.23 billion.

Trading volume in the second quarter surged to $462 billion from $28 billion a year earlier. Assets on the platform reached $180 billion up from $26 billion. Net profit was $1.6 billion, up nearly 4,900 percent from a year earlier.

“We had amazing growth in terms of users added to the platform, assets on the platform, revenue, just about everything,” Coinbase CEO Brian Armstrong said on the earnings call.