Senior Coinbase executives, including CEO Brian Armstrong, have been selling their COIN shares amid the stock’s growth over the past month.
Despite the Coinbase cryptocurrency exchange facing a securities violation lawsuit in the United States, the company’s stock has been on the rise recently.
Coinbase (COIN) stock has added more than 50% to its value since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the firm for allegedly offering unregistered securities.
According to data from TradingView, Coinbase shares surged 51%, from around $52 on June 6 to $78.7 on July 7. The stock is also up around 133% over the past six months, while year-to-year growth is roughly 50%.
Amid significant growth, some major COIN holders have continued selling some of their Coinbase stock.
On July 6, a number of senior Coinbase executives, including CEO Brian Armstrong, sold a combined total of 88,058 COIN stocks, worth about $6.9 million.
According to official filings with the SEC, the transactions included a 4,580 COIN sale by Coinbase board member Gokul Rajaram, 1,818 COIN sale by chief legal officer Paul Grewal, and a 7,335 COIN sale by chief accounting officer Jennifer Jones.
Previously, Jones also sold 74,375 Coinbase shares on June 29, netting $5.2 million for the stocks.
Related: Coinbase was aware of securities law violations, SEC claims in letter
While Coinbase executives have been selling their COIN batch on a regular basis, some major COIN holders have continued to hodl.
Since buying another 400,000 shares of Coinbase stock in early June, Cathie Wood’s investment firm ARK Invest has been staying away from any COIN transactions, according to the company’s portfolio updates. That comes in line with Wood’s stance that Coinbase shares would grow even bigger as the investor believes that the COIN stock will rise in line with Bitcoin.
On June 19, ARK Invest CEO once again reiterated that she’s confident that Bitcoin will reach $1 million per coin one day.
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