Coinbase Brings IPO Shares to US Retail Traders, With Oura Up First

Coinbase said it will open access to IPO allocations for eligible U.S. retail customers through its app, with smart-ring maker Oura the first company offered under the new service. Customers who qualify can select an offering on the IPO page, fund their accounts, and submit a “Conditional Offer to Buy” after the expected price range is published. The company noted that requests do not guarantee an allocation: orders may be filled fully, partially, or rejected depending on demand and the number of shares Coinbase receives from underwriters. Allocated shares are booked at the final IPO price and become tradable when the stock begins public trading. Customers may revise or cancel requests while the order book remains open, and must complete a standard FINRA questionnaire used to screen for restricted status. Coinbase said its allocation algorithm favors investors who hold IPO shares rather than sell them quickly. The platform warned that selling allocated shares within 30 days could lead to being barred from IPO participation for the next 60 days, and repeat short-term selling could result in smaller and less frequent allocations compared with holders who retain their shares longer. The IPO rollout is part of Coinbase’s broader expansion into traditional finance products. The company recently filed to offer U.S. perpetual futures tied to stocks such as Apple, Tesla, and Nvidia, has launched tokenized stocks for eligible non-U.S. users, obtained authorization to offer stocks and derivatives in the U.K., and outlined plans to provide combined stocks, crypto, and prediction markets in Canada. Coinbase reiterated in a disclaimer that its securities business operates separately from its digital-asset services.