By Mark L - Cryptocurrency Dealer - 30-04-2021
Intercontinental Exchange (ICE) has recently sold its 1.4% stake in Coinbase, a newly Nasdaq-listed cryptocurrency trading company in an attempt to help reduce the companies dept.
ICE chief money handler, Scott Hill, announced the news this week on financial results for the first few months of the year, saying ICE sold its stock they had staked in Coinbase for $1.2 billion. Reportedly, the sale provided approximately $900 million net income.
Hill emphasized that the Coinbase proceeds provided the business with "some additional flexibility" and to reduce debt. Hill goes on to talk about how they are now left with roughly 3.6x in leverage with the target being “about 3.25x, where we can start to think about buying back stock," he said.
Bakkt, ICE's crypto asset trading platform, is predicted to travel public on the NYSE in Q2 2021, which will take place through a merger with the VPC Impact Acquisition Holdings, as previously announced.
Coinbase, the biggest cryptocurrency exchange platform within the U.S., went public on Nasdaq back on April 14th, with a straightforward listing of the company’s COIN stock shares. The stock initially opened at $381, indicating increased institutional interest, even though the stock's pre-listing reference price was only $250. After the shares were listed and live, they closed Thursday at $294, after a downward trend following the initial listing.