Despite facing a securities violation lawsuit from the U.S. Securities and Exchange Commission (SEC), Coinbase, the cryptocurrency exchange, has seen a rise in its stock value. Coinbase (COIN) stock has increased by over 50% since the SEC filed the lawsuit, alleging that the company offered unregistered securities.
TradingView data shows that Coinbase shares have surged by 51%, going from around $52 on June 6 to $78.7 on July 7. Over the past six months, the stock has seen growth of approximately 133%, and year-to-year growth stands at roughly 50%. The recent performance of the stock indicates positive investor sentiment towards Coinbase.
However, during this period of growth, some major holders of COIN stock have chosen to sell some of their Coinbase shares. On July 6, several senior Coinbase executives, including CEO Brian Armstrong, collectively sold 88,058 COIN stocks, amounting to around $6.9 million. This included individual sales by board member Gokul Rajaram, chief legal officer Paul Grewal, and chief accounting Officer Jennifer Jones.
Jennifer Jones had also previously sold 74,375 Coinbase shares on June 29, generating $5.2 million from the transaction. On the other hand, investment firm ARK Invest, led by Cathie Wood, has refrained from any COIN transactions after purchasing an additional 400,000 shares of Coinbase stock in early June. ARK Invest’s portfolio updates indicate a decision to hold onto their Coinbase holdings, aligning with Wood’s belief that Coinbase shares will grow alongside Bitcoin.
Cathie Wood has expressed confidence in Bitcoin’s future, stating on June 19 that she believes Bitcoin will eventually reach $1 million per coin. Her optimistic stance likely contributes to ARK Invest’s decision to maintain their Coinbase investment.
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