Coinbase shares up 50% since the SEC sued the exchange

Despite the Coinbase cryptocurrency speech facing a securities usurpation suit successful the United States, the company’s banal has been connected the emergence recently.

Coinbase (COIN) banal has added much than 50% to its worth since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the steadfast for allegedly offering unregistered securities.

According to information from TradingView, Coinbase shares surged 51%, from astir $52 connected June 6 to $78.7 connected July 7. The banal is besides up astir 133% implicit the past six months, portion year-to-year maturation is astir 50%.

Coinbase (COIN) 30-day terms chart. Source: TradingView

Amid important growth, immoderate large COIN holders person continued selling immoderate of their Coinbase stock.

On July 6, a fig of elder Coinbase executives, including CEO Brian Armstrong, sold a combined full of 88,058 COIN stocks, worthy astir $6.9 million.

According to authoritative filings with the SEC, the transactions included a 4,580 COIN merchantability by Coinbase committee subordinate Gokul Rajaram, 1,818 COIN merchantability by main ineligible serviceman Paul Grewal, and a 7,335 COIN merchantability by main accounting serviceman Jennifer Jones.

Previously, Jones besides sold 74,375 Coinbase shares connected June 29, netting $5.2 cardinal for the stocks.

Related: Coinbase was alert of securities instrumentality violations, SEC claims successful letter

While Coinbase executives person been selling their COIN batch connected a regular basis, immoderate large COIN holders person continued to hodl.

Since buying different 400,000 shares of Coinbase stock successful aboriginal June, Cathie Wood’s concern steadfast ARK Invest has been staying distant from immoderate COIN transactions, according to the company’s portfolio updates. That comes successful enactment with Wood’s stance that Coinbase shares would turn adjacent bigger arsenic the capitalist believes that the COIN banal volition emergence successful enactment with Bitcoin.

On June 19, ARK Invest CEO erstwhile again reiterated that she’s assured that Bitcoin volition scope $1 million per coin 1 day.

Magazine: Bitcoin 2023 successful Miami comes to grips with ‘shitcoins connected Bitcoin’