Despite Coinbase, one of the largest cryptocurrency exchanges, facing a securities violation lawsuit in the country, the stocks of the country seem to be on a perennial rise. The stock managed to add more than 50% to its value since the United States Securities and Exchange Commission filed a lawsuit against this firm for offering securities that were unregistered.
According to data provided by TradingView, the shares of the cryptocurrency exchange surged by 51% from around a sum of $52 on the 6th of June to a sum of $78.7 on the 7th of July. The stock also seems to be up by 133% over the last six months, with the year-to-year growth at around 50%.
Coinbase Hasn’t Faced Any Issues Despite Securities Violations
Amidst a pretty significant growth, some of the major stockholders of Coinbase have managed to sell some of their shares. On the 6th of July, quite a number of senior executives in the exchange, which includes the CEO Brian Armstrong, managed to sell around 88,058 shares which comes to a total of $6.9 million.
According to the official filings of the SEC, the transactions include a 4580 sale by Gokul Rajaram, a Coinbase board member. It also includes an 1818 sale by Paul Grewal, the chief legal officer, and a 7335 sale by Jennifer Jones, the chief accounting officer.
While most of the executives of Coinbase have reportedly sold their shares on a regular basis, some of the major investors have continued to hold. Since purchasing close to 400,000 shares of the stock in the early part of June, ARK Invest has not sold any of the holdings, according to the portfolio updates of the company.