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Intercontinental Exchange Sells All Coinbase Shares For $ 1.23 Billion


Intercontinental Exchange, the operator of the New York Stock Exchange and Bakkt platform, has completely divested of its stake in Coinbase. The firm announced this in its first quarter financial results.

The proceeds from the sale of shares in the amount of $ 1.23 billion will go to the profit of the company for the next period.

Coinbase was listed on the Nasdaq on April 14. On the first day of trading, the capitalization of the cryptocurrency exchange at the moment exceeded $ 100 billion.

During the first trading sessions, the company’s top managers and some early investors sold large blocks of shares, which worried the community. The experts noted that the liquidated shares were misinterpreted on social networks, and the sale of shares was explained by the direct listing mechanism.

As a reminder, some firms have taken the opportunity to buy a stake in Coinbase. Ark Invest on the first day of trading acquired 749 205 shares of the crypto exchange for approximately $ 246 million.

Then the investment company bought another 341,186 shares of Coinbase for $ 110 million.

1Q21 Earnings Press Release VF by ForkLog on Scribd

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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