A phone call from Coinbase CEO Brian Armstrong the night before a $100 million deal left one VC feeling 'nauseous.'
On the phone, Armstrong calmly explained the situation to his soon-to-be investor.
The following day, at the close of business, Loverro walked into Coinbase's headquarter in San Francisco's financial district to hand-deliver the term sheet. It happened to be his birthday. Despite the flash crash, the round was still oversubscribed, meaning more VCs wanted to buy shares than the amount the company had planned to sell. And the round quickly became contested, meaning a bidding war among interested investors ensued.
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