/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Supra_Et_Ultra_2023_7_25_94252.263_1440p_streamshot.png)
Despite the Coinbase cryptocurrency exchange facing a securities violation lawsuit in the United States, the company’s stock has been surging recently.
Coinbase (COIN) stock has gained more than 50% in value since the US Securities and Exchange Commission (SEC) filed a lawsuit against the firm for allegedly offering unregistered securities.
According to TradingView data, Coinbase shares soared 51%, rising from around $52 on June 6 to $78.7 on July 7. The stock has also gained about 133% in the last six months, while the year-to-date gain is about 50%.
Amidst the significant increase, some major COIN holders continue to sell some of their Coinbase stock.
On July 6, several senior Coinbase executives, including CEO Brian Armstrong, sold a total of 88,058 COIN stocks, worth approximately $6.9 million.
According to official filings with the SEC, the transaction Involved Coinbase Board Member Gokul Rajaram sold 4,580 coins, Paul Grewal, Chief Legal Officer, sold 1,818 coins, and Jennifer Jones, Chief Accounting Officer, sold 7,335 coins.
first, also jones sold 74,375 Coinbase shares on June 29, netting $5.2 million for the shares.
Connected: SEC Claims in Letter That Coinbase Knew About Securities Law Violations
While Coinbase officials have been selling their COIN batches on a regular basis, some major COIN holders have continued selling.
Cathy Wood’s investment firm ARK Invest has been staying away from any COIN transactions since purchasing another 400,000 shares of Coinbase stock in early June, according to the company’s portfolio update. This is in line with Wood’s stance that Coinbase shares will rise even higher as investors believe COIN stock will rise in line with bitcoin.
On June 19, the ARK Invest CEO reiterated his belief that bitcoin will one day reach $1 million per coin.
Collect this article as an NFT To preserve this moment in history and show your support for independent journalism in the crypto sector.
magazine: Bitcoin 2023 in Miami has been hit by ‘bullshit on bitcoin’
