NYSE stock exchange operator Intercontinental Exchange sold its stake in cryptocurrency exchange Coinbase for $1.2 billion.
April 30, 2021 | AtoZ Markets – One of the early investors in the crypto exchange Coinbase sold his 1.4% stake. Scott Hill, CFO of Intercontinental Exchange (ICE), announced this during a conference call with investors . The sold share brought the operator of the New York Stock Exchange (NYSE) more than $1.2 billion excluding taxes.
The COIN share price at the time of writing is $298 (FTX). This is almost 50% lower than the FTX opening price of the stock. On NASDAQ, the drawdown is less and amounts to 9% from the beginning of trading.
However, ICE sales do not greatly excite other participants in the financial market. For example, Katie Wood’s ARK Invest fund continues to grow its portfolio with cryptocurrency stocks.
At the time of writing, COIN shares account for 2.32% (1.85 million COIN) of the total shares managed by ARK Invest. This is more than 0.5% more than a week ago, when the fund was buying up shares, despite their rapid decline. At the current exchange rate, the portfolio of COIN shares under the management of the fund is $552 million.
ICE was one of the earliest major investors in Coinbase. The NYSE operator invested in Coinbase back in 2015, when the crypto exchange’s user base was just over two million wallets. Now the exchange has over 56 million users. The amount of ICE’s early investment in Coinbase remains unknown.
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