The trade resulted in a net profit of about $900 million for Intercontinental Exchange, the company's CFO Scott Hill said in an earnings call on Thursday. The company sold the stake this month after Coinbase went public on April 14. The NYSE participated in Coinbase’s $75 million Series C funding round in January 2015.
The stake sale proceeds gave Intercontinental Exchange "some additional flexibility" to reduce its debt, said the company's incoming CFO Warren Gardiner. The company's leverage is now about 3.6 times of EBITDA (earnings before interest, taxes, depreciation, and amortization) compared to 4.2 times six months ago.
During the earnings call, Hill also talked about Bakkt, saying that the crypto firm's merger with Victory Park should be completed "toward the end of this quarter."