Tech stocks have roared back this year, particularly those tied to the artificial intelligence boom and crypto. Coinbase has the added benefit of having survived the so-called crypto winter, while so many of its rivals disappeared or downsized.

The industry fallout came to a head this month, when Sam Bankman-Fried, founder of former Coinbase rival FTX, was found guilty of seven criminal fraud counts tied to the collapse of his exchange and the theft of customer funds. His conviction landed on Nov. 2 after a monthlong trial.