A year ago, cryptocurrencies were roaring and Coinbase, considered the Charles Schwab of crypto exchanges, was fresh off an IPO that valued the firm at $85bn. Today, one market-based measure suggests that investors have doubts about whether the company can survive.

As a publicly traded entity, the US firm, which originated in San Francisco but says it has no headquarters, seems to have steered clear of the complex financial manoeuvres that helped fell FTX, a competitor whose stunning collapse has rocked an already-reeling industry.