The company’s shares have recently increased, even though the oinbase">Coinbase bitcoin exchange is being sued in the US for securities violations.
oinbase">Coinbase’s stock has gained over 50% in value after the US Securities and Exchange Commission (SEC) accused the company of providing unregistered securities.
Data from TradingView shows that the price of oinbase">Coinbase shares increased 51%, from about $52 on June 6 to $78.7 on July 7. The stock has also increased by over 133% during the previous six months, with an approximate 50% increase from year to year.
Major oinbase">Coinbase shareholders have continued to sell some of their shares despite the company’s rapid expansion. Senior oinbase">Coinbase personnel sold a total of 88,058 shares valued at around $6.9 million on July 6; this includes CEO Brian Armstrong.
Gokul Rajaram, a oinbase">Coinbase board member, sold 4,580 shares; Paul Grewal, the company’s senior legal officer, sold 1,818 shares; and Jennifer Jones, the company’s chief accounting officer, sold 7,335 shares. These transactions were disclosed in official filings with the SEC. Jones previously made $5.2 million on June 29 from the sale of 74,375 oinbase">Coinbase shares.
Some significant investors have stayed the course even though oinbase">Coinbase officials have been selling their shares on a regular basis.
According to the business’s portfolio updates, Cathie Wood’s investment company, ARK Invest, has not sold any of its holdings since purchasing an additional 400,000 shares of oinbase">Coinbase stock in early June. This is consistent with Wood’s assertion that the price of oinbase">Coinbase shares would grow when Bitcoin’s price rose.
The CEO of ARK Invest reassured her belief that Bitcoin would one day reach $1 million per coin on June 19.
