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.<\/p>\n
The $1.23 billion in proceeds will be booked as earnings in the next reporting period.<\/p>\n
Coinbase’s listing on Nasdaq took place on April 14<\/a>. On the first trading day, the crypto exchange’s market capitalisation briefly topped $100 billion.<\/p>\n In the first trading sessions, top executives and some early investors sold large blocks of shares<\/a>, 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.<\/p>\n ARK Invest bought 749,205 shares<\/a> of the crypto exchange on the first day of trading for about $246 million.<\/p>\n The investment company bought another 341,186 shares<\/a> of Coinbase for $110 million.<\/p>\n 1Q21 Earnings Press Release VF<\/a> by ForkLog<\/a> on Scribd<\/p>\n