In light of an upcoming court hearing with the U.S. Securities and Exchange Commission (SEC), key figures at Coinbase, the leading cryptocurrency exchange, have decided to sell off a significant number of the company shares.
According to Dataroma, Coinbase SEO Brian Armstrong divested 74,325 of his shares on July 6. Additionally, Chief Legal Officer Paul Grewal, Chief Accounting Officer Jones Jennifer, and Director Gokul Rajaram collectively sold 13,733 shares. These transactions amounted to a total of $6.88 million.
The SEC filed a lawsuit against Coinbase on June 6, accusing the cryptocurrency platform of operating as an unregistered broker. The next court hearing for this case is scheduled for July 13.
Despite the looming legal battle, Coinbase shares (COIN) have demonstrated robust performance this year, more than doubling in value since the beginning of 2023. As of now, the stock price stands at $78.2 per share.
