Analyst: Cyberattack and SEC investigation will not have a substantial impact on Coinbase

Odaily News Coinbase disclosed a major cybersecurity breach on Thursday and confirmed that the U.S. Securities and Exchange Commission is investigating its past user metrics, Benchmark senior equity research analyst Palmer said in a research note. This is in stark contrast to the news earlier this week that the company will join the SP 500 index. Palmer believes that the cyberattack was more of a one-time event and the SECs investigation is nothing more than noise and is unlikely to have any material impact on any driver of the companys bullish thesis on the stock.