This is a direct listing. Sure they could open up a private market so their investors could sell for Bitcoin, but:

1. I bet most shareholders already have plenty of crypto and should diversify.

2. Opening up a private market for Bitcoin-only sales really doesn’t help liquidity much.

It’s important to remember - this wasn’t a move for Coinbase to raise money, it was to enable people who have shares in Coinbase to be able to more easily sell.