Coinbase Shares Soared after SEC Lawsuit

The stock price of Coinbase has surged 50% since the United States Securities and Exchange Commission (SEC) filed a lawsuit against the cryptocurrency exchange for allegedly offering unregistered securities.

Despite facing a lawsuit from the American financial watchdog, TradingView data shows that Coinbase shares (NASDAQ: COIN) soared 51% since the SEC slammed it with the lawsuit. At the time of writing, the share price of COIN is $78.7 – this has prompted some major Coinbase shareholders to sell their stock.

In six months’ time, the COIN price-tag propelled 133% while it has registered nearly a 50% increase in value on a year-to-year basis. On July 6, multiple Coinbase executives including CEO Brian Armstrong have sold more than 88,000 shares; based on the price figure on July 6th, this is worth nearly $6.9 million.

Official filings from the SEC report that the transactions included:

- 4,580 shares sold by board member Gokul Rajaram

- 1,818 shares sold by chief legal officer Paul Grewal

- 7,335 shares sold by chief accounting officer Jennifer Jones, which has also cashed in $5.2 million on June 29 when selling 74,375 Coinbase shares.

Sources:

https://cointelegraph.com/news/coinbase-shares-up-50-since-sec-sued-exchange

https://www.coinspeaker.com/coinbase-stock-soars-50-sec/

https://www.tradingview.com/symbols/NASDAQ-COIN/

https://investor.coinbase.com/financials/sec-filings/default.aspx