I think you have it backward (even though you are right). Coinbase will be STOKED. Look at SPCE, CVNA, PLUG, etc. Folks buying the stock more than the product are great news for mgmt.
Coinbase: We’re a public company now, you should buy our stock and get exposure to crypto Investor: Great, instead of buying BTC through your app I’ll just buy your stock Coinbase: ... wait a minute
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