Coinbase's shares have increased by almost 50% since the SEC filed the case for allegedly providing unregistered securities.
Coinbase Stock Up
Coinbase's shares have increased by almost 50% since the SEC filed the case for allegedly providing unregistered securities, despite the company being subject to a securities violation lawsuit in the US.
In recent weeks, Coinbase shares (NASDAQ: COIN) surged 60% from around $50.56 on June 12 to $81.21 on July 10, with the stock up around 141% year-to-date. COIN last reached an all-time-high of $342.98 per share on Nov. 12, 2021.
Brian Armstrong, the CEO of Coinbase, is one of the company's most significant owners, although he has continued to sell part of his shares. Senior Coinbase officials sold a total of 88,058 shares for around $6.9 million on July 6.
Since purchasing an additional 400,000 shares of Coinbase stock in early June, Cathie Wood's investment company ARK Invest has not sold any of its holdings. Wood believes that the price of Coinbase shares will grow as the price of Bitcoin rises. On June 19, Wood reaffirmed her conviction that Bitcoin would one day reach $1 million per coin. ARK Invest has recently resubmitted their application for a spot Bitcoin ETF along with 21Shares.
