Coinbase shares up 50% since SEC lawsuit

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 (COIN) stock has added more than 50% to its value since the U.S. Securities and Exchange Commission (SEC)

While Coinbase executives have been selling their COIN batch on a regular basis, some major COIN holders have continued to hodl.

Since buying another 400,000 shares of Coinbase stock in early June, Cathie Wood’s investment firm ARK Invest has been staying away from any COIN transactions, according to the company’s portfolio updates. That comes in line with Wood’s stance that Coinbase shares would grow even bigger as the investor believes that the COIN stock will rise in line with Bitcoin.

On June 19, ARK Invest CEO once again reiterated that she’s confident that Bitcoin will reach $1 million per coin one day.

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