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- Coinbase is giving eligible U.S. retail customers access to initial public offering allocations through its app, starting with smart-ring maker Oura.
- Customers can request shares at the IPO offer price before public trading begins through Coinbase Capital Markets, although allocations are not guaranteed.
- Selling allocated shares within the first 30 days may trigger a 60-day restriction from participating in future IPO offerings.
Coinbase is giving eligible U.S. retail customers access to initial public offering allocations through its app, starting with smart-ring maker Oura. Users can request shares at the IPO offer price before public trading begins, although allocations are not guaranteed. The securities are offered through Coinbase Capital Markets, the company’s FINRA-registered broker-dealer.
Retail Users Can Request IPO Shares
Customers can select an active IPO in the Coinbase app and submit a conditional offer to buy once an expected price range is available. After the order book closes, Coinbase allocates available shares based on its allocation methodology. Successful orders are booked at the IPO price, with allocated shares generally becoming tradable once public-market trading begins. Coinbase said the product forms part of its broader expansion beyond crypto trading.
“This new feature is yet another step toward growing the Everything Exchange, as our US customers now gain early exposure to high-interest companies before they hit public exchanges.”
Coinbase Discourages Early Selling
The company said its allocation methodology is designed to discourage immediate flipping and may give better future allocation outcomes to customers who hold shares longer. Selling allocated shares within the first 30 days may trigger a 60-day restriction from participating in future IPO offerings.
Repeated short-term selling could also reduce future allocations. Customers must complete a standard FINRA eligibility questionnaire before participating.
Coinbase Capital Markets Handles Orders
Coinbase Capital Markets participates as a best-efforts selling-group member rather than an IPO underwriter. It aggregates customer orders and routes them through Apex Clearing Corporation for execution, clearing, and custody. Coinbase Capital Markets acts as an agent for customers and does not hold IPO inventory or take the opposite side of trades.
Oura Will Be the First Offering
Oura has launched an IPO of 50 million shares with an expected price range of $40 to $44 per share. The company is offering 13.5 million shares, while existing shareholders are selling another 36.5 million.
Oura has applied to list on the Nasdaq Global Select Market under the ticker OURA. Coinbase said it plans to add more IPO opportunities as future allocations become available. The service involves actual IPO shares and is separate from Coinbase’s pre-IPO perpetual products, which provide derivatives-based exposure rather than ownership of the underlying shares.
