Coinbase stock is down 84% since its all-time high price of $381 on its listing day in April 2021, but CEO Brian Armstrong still says going public has had huge benefits for the crypto company.
Going public "has put us on the main stage, where we're able to get deals done with BlackRock and companies like Meta," Armstrong told Messari CEO Ryan Selkis onstage at Messari's Mainnet conference in New York this past week. "Now we're the first Fortune 500 company doing crypto, and so we can go do deal with other Fortune 500 companies now, and they treat us more as a more legitimate force out there."
Before taking Coinbase public, Armstrong said, he spoke with several CEOs who had decided to stay private on the pros and cons. But another benefit of going public has been the ability to raise funds quickly at attractive rates, Armstrong said, pointing to Coinbase raising $3 billion of debt last year in a week without him needing to take a single meeting.
The downside, in Armstrong's view? The...
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