NYSE operator earns $900 million after selling its Coinbase stake

InterContinental Exchange, operator of the New York Stock Exchange, sold its stake in Coinbase for $1.2 billion. The company achieved profit of $900 million.

InterContinental Exchange (ICE), which owns the New York Stock Exchange, sold 1.4% of its investment in cryptocurrency exchange Coinbase. Revenue from the sale reached $1.2 billion, ICE revealed.

The sale of the stake resulted in a net profit of about $900 million, ICE CFO Scott Hill said on Thursday during a teleconference. The proceeds were used to pay off the debt. NYSE participated in the Coinbase Series C funding round and invested $75 million in the US-based crypto exchange in January 2015.

ICE sold its stake on April 14 when Coinbase, the largest cryptocurrency exchange in the United States, went public through a direct listing on Nasdaq. Warren Gardiner, who is preparing to take over as Chief Financial Officer of ICE, explained during the same conference call that the proceeds from the deal make ICE pay off the debt ahead of schedule.

Coinbase began trading on the Nasdaq on April 14 through a direct listing. Trading opened at $381 per share and reached $429 during intraday trading, but later dropped to $310. Coinbase reached a market cap worth $86 billion, surpassing ICE and several other major global exchanges.

Via: 2Coinfox.info

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