Coinbase Shares Soar 50% After SEC Sues Exchange

Coinbase Stock Growth Despite SEC Lawsuit

Despite the Coinbase cryptocurrency exchange facing a securities violation lawsuit from the U.S. Securities and Exchange Commission (SEC), the company’s stock (COIN) has been on a surge recently. TradingView data shows that Coinbase shares have added more than 50%, from around $52 on June 6 to $78.7 on July 7. Over the past six months, the stock has grown by a whopping 133%, while year-to-year growth is roughly 50%.

Despite this significant growth, some major COIN holders have continued to sell some of their Coinbase stock. This includes holders of “Shiba Inu”, “Quant Crypto”, “Crypto.com”, “LUNC Crypto”, “HEX Crypto”, “Hbar Crypto”, “FTM Crypto”, “Crypto YouTube”, “Compound Crypto”, and “Web 3.0 Stocks”.

Crypto Holders Continue to Hodl

On July 6, Coinbase executives, including CEO Brian Armstrong, sold a combined total of 88,058 COIN stocks, worth about $6.9 million. Gokul Rajaram, the board member, sold 4,580 COIN, Paul Grewal, the chief legal officer sold 1,818 COIN, and chief accounting officer Jennifer Jones sold 7,335 COIN.

Jones had also sold 74,375 Coinbase shares on June 29, netting a total of $5.2 million. Despite these regular sales, some major COIN holders have decided to HODL their crypto, such as Shiba Inu, Quant, Crypto.com, LUNC, HEX, HBAR, FTM, Crypto YouTube, Compound, and Web 3.0 stocks.

Crypto and ARK Invest’s Portfolio Updates

In early June, Cathie Wood’s investment firm ARK Invest purchased another 400,000 shares of Coinbase stock, and since then, the company has refrained from any COIN transactions, according to their portfolio updates. This is in line with Wood’s opinion that Coinbase’s stock will surge alongside Bitcoin.

On June 19, ARK Invest’s CEO once again expressed her confidence that Bitcoin will reach $1 million per coin one day.

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