Coinbase Shares Have Jumped Nearly 40% Since the SEC Lawsuit

2023-06-29 13:18:59

The shares of Coinbase have increased by approximately 37% since the US Securities and Exchange Commission (SEC) filed a lawsuit against it at the beginning of June.

The agency claimed that the company offered trading services with unregistered securities such as MATIC, ADA, SOL, and more.

Despite the war the US SEC waged on Binance and Coinbase three weeks ago, the shares of the US-based cryptocurrency exchange have performed quite well.
COIN was hovering around $50 on June 6 (the day when the Commission filed its lawsuit), whereas it is currently worth $70, representing a 37% increase. COIN Price, Source: Yahoo Finance
Moreover, the last time the shares reached that level was in mid-April. The cryptocurrency market then showed signs of revival while Bitcoin hit a nearly one-year high, surpassing $30,000.
Still, COIN trades far from its glory days in April 2021 and November 2021, when the USD valuation was well above $300.
It is worth mentioning that Coinbase is not the only crypto-related entity to see its shares rise after the SEC lawsuits.
The American business intelligence company, which is heavily invested in Bitcoin – MicroStrategy (up 18%), and the cryptocurrency miner – Marathon Digital (a 44% surge) are some examples.

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