Coinbase Stock Rises, Despite Legal Troubles
Despite a lawsuit, Coinbase's stock is rising. Big owners sell shares, yet ARK Invest holds on, betting on Bitcoin's future.
Despite being sued by the U.S. Securities and Exchange Commission (SEC), Coinbase's stock has been rising. The company's stock, named COIN, has grown over 50% since the lawsuit. As per TradingView data, shares went from $52 each on June 6 to $78.7 on July 7. The stock's value has grown about 133% in six months and 50% over the past year.
Even with this growth, some big COIN owners have been selling their shares. On July 6, top Coinbase bosses, including CEO Brian Armstrong, sold 88,058 COIN stocks. This was worth about $6.9 million.
SEC filings show that several Coinbase leaders sold their COIN stocks. Board member Gokul Rajaram, chief legal officer Paul Grewal, and chief accounting officer Jennifer Jones sold COIN shares.
Despite this, some big COIN owners are keeping their shares. Cathie Wood's investment company, ARK Invest, bought 400,000 shares of Coinbase stock in June. Since then, ARK Invest has not sold any COIN shares. Wood thinks that COIN stock will go up along with Bitcoin.
On June 19, Wood said once again that she believes Bitcoin will be worth $1 million per coin someday.
