Top Coinbase executives sold $32.8 million of the exchange’s stock after an SEC lawsuit

Since the U.S. Securities and Exchange Commission filed a lawsuit against Coinbase on June 6, the top executives of the crypto exchange sold the company’s shares for $32.84 million. Over the past three months, their purchases had not been registered, according to DataRoma.

In particular, the platform’s chief executive Brian Armstrong, in 43 transactions, pocketed $21.17 million.

The aggregator’s data also show activity by Coinbase board member Gokul Rajaraman, chief legal officer Paul Grewal, HR director Lawrence Brock and chief financial officer Jennifer Jones.

Since the SEC suit was filed, the platform’s capitalisation has risen by 58.4%. Since the start of the year, the shares have risen 131.1%.

On August 29, Coinbase stock rose 14% on Grayscale’s victory over the SEC.

The decision increases the likelihood of approving Bitcoin-ETF applications to launch, in which Coinbase appears as a partner in joint surveillance agreements.

ARK Invest head Kathy Wood and Matrixport analysts forecast a positive decision on several proposals.