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When Robinhood's stock tanked, employees were given a bump in equity. I suspect Coinbase will do the same if they haven't already.

Coinbase also gives 1 year grants, so employees would be less affected then those from companies with 4 year grants.

It could dilute the stock and further hurt it though no?

Probably not materially. I also assume they have a pre-allocated pool for their ESOP or equivalent.