Coinbase Top Managers Sold $32.8M in Company Shares Following SEC Lawsuit

Since the SEC filed a lawsuit against Coinbase on June 6, top managers of the crypto exchange have sold shares of the company worth $32.84 million.

DataRoma reveals that these purchases have not been recorded in the past three months. CEO Brian Armstrong’s 43 transactions earned him $21.17 million.

Other Coinbase executives mentioned in the aggregated data include board member Gokul Rajaram, general counsel Paul Grewal, HR director Lawrence Brock and chief accounting officer Jennifer Jones.

The company’s capitalization has risen by 58.4%, and their stocks have increased by 131.1% since the start of the year. On August 29, Coinbase’s shares soared 14% in response to the SEC’s ruling in favor of Grayscale Investments.

This makes it likely that applications to form a Bitcoin ETF, which had Coinbase as a partner, will be approved.

Predictions of a favorable outcome were shared by Cathie Wood of ARK Invest and Matrixport analysts.