Kathryn Haun, a former Assistant U.S. Attorney and partner at Andreesen-Horowitz, has announced her plans to step down from Coinbase’s board after seven years of service. In a post on X, Haun expressed confidence in Coinbase’s future prospects and noted the significant growth of the cryptocurrency industry. She revealed her intention to focus on venture investing through her company, Haun Ventures, and continue supporting a growing portfolio of founders. Haun’s departure has garnered recognition and appreciation from the crypto community, with Coinbase CEO Brian Armstrong praising her as a “force of nature” and acknowledging her crucial role in the company’s journey to being publicly traded.
Coinbase’s upcoming Annual Meeting of Shareholders scheduled for later this summer will mark Haun’s official resignation from the board. The board anticipates a reduction in size, shrinking to seven members following her departure. This change also highlights the ongoing need for greater diversity and representation within the cryptocurrency industry, as Haun was one of the two women currently serving as board directors. Chief Legal Officer Paul Grewal also praised Haun as the “ultimate weapon in the board room that any CLO would want.”
Investment banking firm KBW recently increased Coinbase’s price target to $230, citing the company’s unique opportunity for investors to tap into the long-term growth potential of the crypto economy. In a research analysis, KBW raised its price target from $160 to $230 while maintaining a market performance rating for COIN. However, Coinbase has also faced regulatory trouble, with a lawsuit filed by the SEC alleging that the exchange operates as an unregistered securities exchange, broker, and clearing agency. Judge Katherine Polk Failla of the US District Court of the Southern District of New York ruled that the SEC’s lawsuit against Coinbase can proceed, declaring that the allegations held “plausible” ground.
Haun’s departure will mark the loss of a long-serving independent director on Coinbase’s board, with her resignation scheduled to take effect at the company’s upcoming Annual Meeting of Shareholders. Brian Armstrong praised Haun for taking a chance on Coinbase when it was a little-known crypto exchange and emphasized her impact on the company’s regulatory strategy. With Haun focusing on venture investing through Haun Ventures, Coinbase will see a shift in its board composition and size, raising concerns about diversity and representation within the cryptocurrency industry. The KBW price target increase for Coinbase reflects the company’s potential for long-term growth in the evolving crypto landscape despite facing regulatory challenges.
The removal of Haun as a board member underscores the need for greater diversity and representation within the cryptocurrency industry, as she was one of the two women serving as directors. Haun’s departure from Coinbase comes at a time when the company is facing regulatory challenges, with the SEC’s lawsuit alleging that the exchange operates as an unregistered securities exchange, broker, and clearing agency. Despite these obstacles, Coinbase has been commended for its unique opportunity for investors to tap into the long-term growth potential of the crypto economy, as reflected in the recent increase of its price target by investment banking firm KBW. As Haun moves on to focus on venture investing through Haun Ventures, Coinbase will see changes in its board composition and size, raising questions about the future direction of the company in the ever-evolving cryptocurrency landscape.
