Intel, a tech company that is known for its processors and computer chips, has been investing in cryptocurrency. The company bought $800K worth of stock in Coinbase, one of the world’s largest cryptocurrency exchanges.
Recently, Coinbase announced that they will be moving to a new exchange called Bakkt. Intel is one of the first investors in this new platform.
News about Bitcoin
Intel, a semiconductor chip manufacturer, may join the crypto market. On June 26, 2021, the company purchased $800,000 of Coinbase (COIN) stock, according to a filing with the US Securities and Exchange Commission (SEC), as reported by Barron’s Financial News.
According to a Form 13F filing with the US government, Intel holds 3,014 common class A shares from cryptocurrency firm Coinbase Global Inc. Other companies mentioned in the article include Maxlinear Inc. (MXL), Shift4 Payments Inc. (FOUR), and McAfee Corp. (MCFE).
According to Barrons, Intel’s publicly traded assets totaled more than $100 million. As a result, the company had to inform the Commission about these investments. Intel may have purchased supplies before Coinbase went public in the United States in April 2021, according to the report.
Take a Chance on the Cryptocurrency Industry’s Future
Despite the fact that this is Intel’s first major investment in a crypto-related company, Bitcoin, cryptocurrencies, and blockchain technology have piqued Intel’s attention for years. In 2019, the company filed a patent for Bitcoin mining.
Intel’s investment in Coinbase is a clear bet on the bitcoin industry’s future. Because the exchange’s worth tends to decline in tandem with the bitcoin market’s. When Bitcoin, Ethereum, and other major currencies collapsed in mid-May, the stock price fell well below the original $250 reference price.
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