July 11, 2023

Coinbase’s Shares Hike from $52 in June to $81.3 in July Despite SEC Lawsuit

Coinbase

Coinbase

The stocks of cryptocurrency exchange Coinbase have risen recently, although the company is facing a lawsuit submitted by the US Securities and Exchange Commission over violating securities, according to Cointelegraph.

In June, the US SEC accused Binance and Coinbase of unregistered securities and acting as an unregistered securities broker among other charges.

According to data collected from TradingView, Coinbase’s shares hiked by 51% from around $52 on June 6 to $81.31 at the time of writing. The stock is also up around 133% over the past six months, while year-to-year growth is roughly 50%. However, some of Coinbase’s stakeholders are selling some of their shares.

Coinbase CEO Brian Armstrong reported sold a combined total of 88,058 shares worth about $6.9 million on July 6, in addition to senior Coinbase officials such as board member Gokul Rajaram, who sold 4,580 shares, chief legal officer Paul Grewal, who sold 1,818 shares and chief accounting officer Jennifer Jones, who sold 7,335 shares.

While senior officials are selling their shares, it is reported that around 400,000 shares of the crypto exchange had been bought in early June.

With a market capitalization of more than $19 billion, Coinbase Global, Inc. operates as a secure hosted Bitcoin wallet to purchase and use Bitcoin. The company was founded by Brian Armstrong in 2012 and is headquartered in San Francisco.

Earlier in May, Armstrong lauded the UAE as a potential hub to build an international hub for Coinbase, which serves the Middle East as well as other countries in Africa and Asia.

“I think the U.S. right now is a little bit behind in terms of regulatory clarity and some of the rhetoric from the top,” he added.

He also mentioned that Coinbase is working with Abu Dhabi Global Market (ADGM) and Dubai’s Virtual Assets Regulatory Authority (VARA) to discuss the expansion of the availability and licensing of Coinbase International Exchange.

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