Coinbase (COIN) stock has experienced a significant surge in value despite the ongoing securities violation lawsuit filed against the cryptocurrency exchange by the U.S. Securities and Exchange Commission (SEC). The stock has gained over 50% since the SEC accused Coinbase of offering unregistered securities.
Data from TradingView reveals that Coinbase shares witnessed a 51% surge, rising from approximately $52 on June 6 to $78.7 on July 7. Over the past six months, the stock has seen a growth of around 133%, and its year-to-year growth is approximately 50%.
Interestingly, amidst this growth, some notable holders of COIN stock have decided to sell portions of their Coinbase shares. On July 6, a group of senior Coinbase executives, including CEO Brian Armstrong, collectively sold 88,058 COIN stocks, amounting to approximately $6.9 million.
According to official filings with the SEC, these transactions included a sale of 4,580 COIN shares by Coinbase board member Gokul Rajaram, as well as sales of 1,818 COIN shares by chief legal officer Paul Grewal and 7,335 COIN shares by chief accounting officer Jennifer Jones.
Previously, Jennifer Jones also sold 74,375 Coinbase shares on June 29, earning $5.2 million from the transaction.
While Coinbase executives have been consistently selling their COIN holdings, other major COIN holders have chosen to hold onto their shares. Cathie Wood’s investment firm ARK Invest, for instance, purchased an additional 400,000 shares of Coinbase stock in early June and has refrained from engaging in any COIN transactions since then.
According to ARK Invest’s portfolio updates, this strategic move aligns with Cathie Wood’s belief that Coinbase shares will continue to grow alongside Bitcoin. Wood has consistently shown confidence in Bitcoin’s potential, claiming that it will eventually reach a value of $1 million per coin.
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In conclusion, despite facing a securities violation lawsuit, Coinbase’s stock has seen a remarkable increase in value. Some prominent COIN holders have chosen to sell their shares, while others believe in the continued growth of Coinbase and its correlation with Bitcoin’s performance. The industry remains captivated by the developments surrounding Coinbase and eagerly watches as the lawsuit unfolds.