Intercontinental Exchange sold Coinbase shares for $1.2 billion
Coinbase went public barely two weeks ago. However, some of the earlier investors have been selling their stakes in the company. The parent company of the New York Stock Exchange sold $1.2 billion worth of Coinbase shares, earning massive profit in the process.
ICE sells $1.2 billion worth of Coinbase shares
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, has revealed that it had sold 1.4% of its stake in cryptocurrency exchange Coinbase. This latest development comes a few days after the exchange went public on the NASDAQ stock exchange.ICE’s chief financial officer (CFO) Scott Hill revealed this information during an earnings call yesterday. The company sold 1.4% of its stake in Coinbase, earning $900 million in profit from the $1.2 billion generated.
ICE’s incoming CFO, Warren Gardiner, pointed out that the profits generated from the sale give the company additional flexibility as they approach the remainder of the year. The company generated $1.8 billion in revenue, up by 4% year-over-year.
NYSE is one of the oldest investors in Coinbase. The stock exchange participated in Coinbase’s $75 million Series C funding round in 2015. It also invested in the cryptocurrency exchange at other points over the past few years. The investment grew massively as Coinbase became the most valuable cryptocurrency company in the world following its public listing.
Bakkt going public soon
ICE announced that Bakkt, its cryptocurrency subsidiary, is going public soon. Bakkt is a cryptocurrency custody firm that was launched in September 2019. The company’s aim is to bring cryptocurrencies to traditional investors and trading by running an exchange fully compliant with regulations. Bakkt currently has other investors, including Microsoft and Starbucks.The cryptocurrency firm is now preparing to go public and could list on a crypto exchange in the next three months. Bakkt’s listing on the stock exchange is possible thanks to its merger with Victory Park, the special purpose acquisition company (SPAC), earlier this year. Bakkt is expected to be valued at $2.1 billion upon its listing on the stock exchange.
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