Singapore State Investment Fund Temasek Eliminates Position in Coinbase

Singapore’s state investment fund Temasek, one of the largest investors in the world, has sold off its modest position in crypto exchange Coinbase (COIN), according to its latest U.S. Securities and Exchange Commission (SEC) filings.

• In its third quarter filing, the fund listed ownership of 8,168 Coinbase shares worth approximately $2.1 million, but its fourth quarter filing shows no Coinbase holdings. Temasek’s total portfolio was valued at $301 billion as of the end of 2021.
• Coinbase’s stock has declined about 40% since its initial public offering last April.
• Meanwhile, Temasek was one of the investors in FTX.US’ recent $400 million Series A funding round at an $8 billion valuation. It was not known how much Temasek had invested in FTX.US; other prominent investors in the round included Paradigm, SoftBank and Multicoin Capital.
• Temakske also eliminated its holdings in Uber (UBER) and Tencent Music Entertainment (TME) and added positions in trading platform Robinhood (HOOD), payments company Toast (TOST) and betting platform Draft Kings (DKNG)

Read more: Coinbase Forced Into Outage Following Super Bowl Ad After More Traffic 'Than Ever Encountered'

UPDATE (Feb. 14, 19:22 UTC): Added additional position changes in last bullet. point.