The stock fell to just above $244, giving up gains from earlier in the week when Coinbase was set to join the S&P 500 index. The drop pushed its 2025 performance back into negative territory. The company said in a filing that on May 11 it received a ransom email from an unidentified actor claiming to have accessed customer account data and internal company files.

According to a New York Times report, the U.S. Securities and Exchange Commission (SEC) is investigating whether the Coinbase (Nasdaq: COIN) crypto exchange overstated its user numbers in past filings and public statements.

The SEC declined to comment on the investigation, but Coinbase told Barron’s in an email, “this is a hold-over investigation from the prior administration about a metric we st