Wednesday, October 27, 2021

Intel owns nearly $800,000 worth of Coinbase stock

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Semiconductor company Intel Corporation may be entering the cryptocurrency market. According to a report submitted to the US Securities and Exchange Commission (SEC) by financial news site Barrons, the company appears to have purchased approximately $800,000 worth of Coinbase (COIN) shares on June 26, 2021.

According to Barrons, Intel owns more than $100 million in publicly traded investments. As a result, the company was required to disclose these investments to the SEC.

The report sparks speculation over the possibility that Intel may have purchased Coinbase’s stock before Coinbase’s stock even went public. Nonetheless, Intel’s $800,000 investment is the company’s first significant investment in a cryptocurrency-related company.

How Long Has Intel Been Interested in Cryptocurrencies?

Intel has been interested in Bitcoin, cryptocurrencies, and blockchain technology for years. In 2019, the company applied for a patent for Bitcoin mining. It has submitted to the US Patent and Trademark Office a “system-on-a-chip (SOC)” chip that optimizes the power consumption of BTC miners. The Patent Office granted the patent to Intel.

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