Senior Coinbase executives, including CEO Brian Armstrong, have been selling their 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 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 Coinbase stockholders have continued selling some of their shares.
On July 6, a number of senior Coinbase executives, including CEO Brian Armstrong, sold a combined total of 88,058 shares worth about $6.9 million.
According to official filings with the SEC, the transactions included a 4,580 sale by Coinbase board member Gokul Rajaram, a 1,818 sale by chief legal officer Paul Grewal and a 7,335 sale by chief accounting officer Jennifer Jones.
Previously, Jones also sold 74,375 Coinbase shares on June 29, netting $5.2 million.
Related: Coinbase was aware of securities law violations, SEC claims in letter
While Coinbase executives have been selling their shares on a regular basis, some major investors have continued to hodl.
Since buying another 400,000 shares of Coinbase stock in early June, Cathie Wood’s investment firm ARK Invest has not sold any of its holdings, according to the company’s portfolio updates. This aligns with Wood’s stance that Coinbase shares price would rise as Bitcoin’s (BTC) price increases.
On June 19, the ARK Invest CEO once again reiterated her confidence that Bitcoin would reach $1 million per coin one day.
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