Shares of the cryptocurrency exchange Coinbase have been on the rise recently despite facing securities violation lawsuits in the United States.
Coinbase stock has risen more than 50% in value since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the company for allegedly offering unregistered securities.
Coinbase shares surged 51%, from around $52 on June 6 to $78.7 on July 7, according to TradingView. The stock has also risen about 133% over the past six months, compared with about 50% year-over-year growth.
Amid the massive growth, some of Coinbase’s major shareholders continued to sell some of their shares.
On July 6, several senior Coinbase executives, including CEO Brian Armstrong, sold a total of 88,058 shares worth about $6.9 million.
according to Those transactions included 4,580 coins sold by Coinbase board member Gokul Rajaram, 1,818 coins sold by chief legal officer Paul Grewal and 7,335 coins sold by chief accounting officer Jennifer Jones, according to official filings with the SEC.
Previously, Jones had Sell On June 29, Coinbase sold 74,375 shares, netting $5.2 million.
related: SEC Letter Alleges Coinbase Aware of Securities Law Violations
While Coinbase executives have been regularly selling their shares, some major investors have continued to hold shares.
Cathie Wood’s investment firm, ARK Invest, has not sold any of its holdings since buying an additional 400,000 Coinbase shares in early June, according to the firm’s portfolio update. This is in line with Wood’s stance that Coinbase stock will rise in tandem with Bitcoin (BTC) prices.
On June 19, the CEO of ARK Invest reiterated her belief that Bitcoin will one day reach $1 million per coin.
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