0833 ET - Coinbase Global is facing a challenge or two but nothing that should substantially impact its position as one of the primary beneficiaries of institutional adoption of crypto, Benchmark's Mark Palmer says in a research note. The U.S. cryptocurrency exchange Thursday disclosed a significant cybersecurity breach and confirmed an ongoing SEC investigation regarding its past user metrics. This stands in contrast to news earlier this week that it was set to join the S&P 500. Palmer believes the cyberattack to be more of a one-off event and that the SEC's inquiry is "little more than noise that is highly unlikely to have any material impact on any of the drivers of the bullish thesis on the company's stock." Coinbase up 3% premarket. (denny.jacob@wsj.com; @pennedbyden)
(END) Dow Jones Newswires
May 16, 2025 08:33 ET (12:33 GMT)
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