Just a thought: If crypto is an/the alternative to "the system" - here legacy financial markets, then why is Coinbase doing an IPO in the first place? Isn`t that in contrast to "true crypto spirit"? Why didn`t they come up with Coinbase Coin/Token (as a means of distributing profits to investors) instead? Why give business to your opponent?

Also, at first glance, this does not seem to be particularly supportive of the decoupling narrative.