It’s hard to be a crypto stan these days. The flaming dumpster fire of FTX has many feeling like Larry David was right all along. We’re not the first to make that joke, and we won’t be the last, but the point stands: these are dark times for digital currencies.

They are also dark times for all those who create them, trade in them, and the exchanges they transact upon (at least, those that are still standing).

Coinbase is one such exchange. Like many of its peers, it has attracted celebrity endorsements and regulatory scrutiny; unlike many of its peers, it has publicly traded equity and debt, so we can track investor sentiment in real time.