Intercontinental Exchange sells Coinbase stake for $1.2B
April 30, 2021. Summarized by summa-bot.
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Intercontinental Exchange, the operator of the New York Stock Exchange and owner of Bakkt, has sold its 1.4% stake in the newly Nasdaq-listed cryptocurrency firm Coinbase.
Intercontinental Exchange, the operator of the New York Stock Exchange and the owner of Bakkt digital asset platform, has sold its 1. 4% stake in the newly Nasdaq-listed cryptocurrency firm Coinbase.
Announcing the news Thursday on a financial results call for the first quarter of 2021, ICE chief financial officer Scott Hill said that the company sold its Coinbase stake for $1. 2 billion.
I mean I would say we were doing that, though, before the Coinbase sale,” ICE’s incoming CFO Warren Gardiner added.
He stressed that Coinbase proceeds gave the company “some additional flexibility” as ICE moves into the rest of the year.
ICE’s decision to sell Coinbase shares comes amid the company posting record revenues in Q1 2021 totaling $1. 8 billion and up 4% year-over-year.
As previously reported by Cointelegraph, multiple COIN investors including Coinbase executives sold $5 billion in COIN stocks shortly after listing.
Notable sales included those of Coinbase CEO Brian Armstrong, selling nearly 750,000 shares netting at a total of around $292 million.