Benchmark senior equity research analyst Palmer said in a research note that Coinbase disclosed a major cybersecurity breach on Thursday and confirmed that the U.S. Securities and Exchange Commission is investigating its past user indicators. This is in stark contrast to the news earlier this week that the company will join the S&P 500 index. Palmer believes that the cyber attack is more of a one-time event and the SEC's investigation is "nothing more than noise and is unlikely to have any material impact on any driver of the company's bullish thesis on the stock."