Intercontinental Exchange has sold all Coinbase shares for $1.23 billion

Intercontinental Exchange, the operator of the New York Stock Exchange and the Bakkt platform, has fully disposed of its stake in Coinbase. The company disclosed this in its first-quarter earnings report.

The $1.23 billion in proceeds will be booked as earnings in the next reporting period.

Coinbase’s listing on Nasdaq took place on April 14. On the first trading day, the crypto exchange’s market capitalisation briefly topped $100 billion.

In the first trading sessions, top executives and some early investors sold large blocks of shares, which unsettled the community. Experts noted that the liquidated stakes were misinterpreted on social media, and that the sale of shares was explained by the direct listing mechanism.

ARK Invest bought 749,205 shares of the crypto exchange on the first day of trading for about $246 million.

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

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