NYSE owner ICE sold its Coinbase stake for $1.2 billion, securing a $900 million profit

NYSE owner ICE sold its Coinbase stake for $1.2 billion, securing a $900 million profit

Intercontinental Exchange, the owner of the New York Stock Exchange, sold 1.4% of its Coinbase investment worth $1.2 billion, the company said.

The divestment resulted in a net profit of about $900 million for the company, ICE CFO Scott Hill said in an earnings call on Thursday, first reported by The Block. The proceeds, Hill said, were used to pay down debt.

ICE sold its stake on April 14, the day Coinbase, the largest cryptocurrency exchange in the US, went public via Nasdaq listing.

Incoming CFO Warren Gardiner in the same call said because of their Coinbase trade, ICE said was ahead of schedule in paying down debt.

https://markets.businessinsider.com/currencies/news/nyse-stock-exchange-ice-intercontinental-coinbase-stake-900-million-profit-2021-4-1030371081

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