Following the SEC lawsuit, Coinbase stock price increased by a whopping 52%.
In the midst of a legal dispute with the US Securities and Exchange Commission (SEC), a prominent cryptocurrency exchange, Coinbase, has seen an uptick in its stock value.
Interestingly, despite the legal controversy revolving around accusations of unlawful security offerings, the company’s shares have bolstered their worth by over half.
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Based on the data from Nasdaq, Coinbase’s stock saw an impressive 52% surge, climbing from approximately $52 on June 6th to $78.94 on July 10th. A six-month retrospective unveils a notable 133% rise, with the year-to-year increment standing at a robust 50%.
During this period of significant increase, several substantial Coinbase shareholders did not hold back from liquidating a portion of their assets. On July 6th, a total of 88,058 shares, equivalent to around $6.9 million, were sold by high-ranking Coinbase executives, including the CEO, Brian Armstrong.
A public document from the SEC discloses transactions made by other senior officials, such as Gokul Rajaram, a member of the Coinbase board, who sold 4,580 shares. Paul Grewal, the Chief Legal Officer, sold 1,818 shares, and Jennifer Jones, the Chief Accounting Officer, sold 7,335 shares. On June 29th, Jones had already sold 74,375 shares, accumulating around $5.2 million.
Contrarily, some prominent investors have maintained their holdings steadfastly. Cathie Wood’s ARK Invest has been unwavering since purchasing an additional 400,000 Coinbase stock at the beginning of June. This stance is tied with Wood’s belief that as the price of Bitcoin (BTC) increases, so will the price of Coinbase shares.
It is worth noting that US Securities and Exchange Commission filed a lawsuit against Coinbase on June 6th. The US securities regulator claimed that the well-known crypto exchange has been selling unregistered securities and operated without the required legal status of a broker, a national securities exchange, or a clearing agency.
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