Despite cryptocurrency exchange Coinbase facing a securities violation lawsuit in the United States, the company’s stock has been on the rise recently.
Coinbase (COIN) shares have added more than 50% in value since the US Securities and Exchange Commission (SEC) filed a lawsuit against the company for allegedly offering unregistered securities.
According to data from TradingView, Coinbase shares rose 51%, from around $52 on June 6 to $78.7 on July 7. Stocks are also up around 133% in the past six months, while year-over-year growth is roughly 50%.
Coinbase (COIN) 30-day price chart. Source: TradingView
Amid significant growth, some major COIN holders have continued to sell some of their Coinbase shares.
On July 6, several top Coinbase executives, including CEO Brian Armstrong, sold a combined total of 88,058 COIN shares, worth approximately $6.9 million.
According to official documents filed with the SEC, the transactions included a 4,580 COIN sale by Coinbase board member Gokul Rajaram, a 1,818 COIN sale by Chief Legal Officer Paul Grewal, and a 7,335 COIN sale by Director accounting Jennifer Jones.
Earlier, Jones also sold 74,375 Coinbase shares on June 29, getting $5.2 million per share.
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While Coinbase executives have been selling their lot of COIN on a regular basis, some major COIN holders have continued to hold.
Since buying another 400,000 Coinbase shares in early June, Cathie Wood’s investment firm ARK Invest has steered clear of any COIN transactions, according to the company’s portfolio updates. That is in line with Wood’s stance that Coinbase shares would grow further, as the investor believes COIN shares will rise in line with Bitcoin.
On June 19, the CEO of ARK Invest once again reiterated that he is confident that Bitcoin will reach $1 million per coin one day.
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This post Coinbase shares are up 50% since the SEC sued the exchange
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