Intel, the world’s largest semiconductor chip manufacturer, has revealed a stake in cryptocurrency exchange Coinbase.
According to a quarterly report filed with the US Securities and Exchange Commission by the firm’s institutional investment managers, it paid $763,000 for 3,014 COIN shares.
Given Intel’s market capitalization of $216 billion, the purchase may appear insignificant. Nonetheless, it is the tech titan’s first significant investment in the cryptocurrency space.
In 2018, a widely used computer chip manufacturer was also granted a patent for a processor that enables energy-efficient Bitcoin mining.
Prior to that, Intel collaborated with the software development platform PokitDok to leverage blockchain technology.
In addition, the Santa Clara-based company collaborated with French hardware wallet maker Ledger in 2017 to develop a new solution for securely storing cryptocurrency.
Coinbase shares are making a comeback.
Coinbase’s stock soared to $294 on August 11, reaching its highest level since May 12.
Despite a gloomy outlook from Wall Street, Coinbase outperformed analysts’ expectations with higher-than-expected transaction-based revenue.
Ark Investment Management continued to increase its Coinbase holdings during the market downturn.
It currently has $172 million in COIN shares in its ARK Fintech Innovation ETF.