Despite cryptocurrency exchange Coinbase facing a securities violation lawsuit in the United States, the company's stock has been on the rise recently.
Coinbase (COIN) shares have added more than 50% to their value since the US Securities and Exchange Commission (SEC) filed a lawsuit against the firm for allegedly offering unregistered securities.
According to data from TradingView, Coinbase shares rose 51%, from around $52 on June 6 to $78.7 on July 7. Stocks are also up around 133% in the past six months, while year-over-year growth is roughly 50%.
Amid significant growth, some major COIN holders have continued to sell some of their Coinbase shares.
On July 6, several top Coinbase executives, including the CEO brayan armstrongsold a combined 88,058 shares of COIN, worth approximately $6.9 million.
According to official documents filed with the SEC, the transactions including a 4,580 COIN sale from Coinbase board member Gokul Rajaram, a 1,818 COIN sale from Legal Director Paul Grewal, and a 7,335 COIN sale from Accounting Director Jennifer Jones.
Previously, Jones also sold 74,375 Coinbase shares on June 29, generating $5.2 million for the shares.
Related: Coinbase Was Aware Of Securities Law Violations, SEC Claims In Letter
While Coinbase executives have been selling their batch of COIN on a regular basis, some major COIN holders have continued to hold.
From buying another 400,000 Coinbase shares at the beginning of June cathie woodInvestment firm ARK Invest has stayed away from any COIN transactions, according to the company's portfolio updates. That is in line with Wood's stance that Coinbase shares would grow further, as the investor believes COIN shares will rise in line with Bitcoin.
On June 19, the CEO of ARK Invest once again reiterated that she is confident that Bitcoin will reach a million dollars per coin a day.
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