Coinbase Launches IPO Access for U.S. Retail Investors Starting With Oura

Coinbase has launched a new service allowing eligible U.S. retail investors to request allocations in initial public offerings directly through its app, beginning with Oura’s IPO this week. The service gives customers the ability to request shares at the offering price before trading begins, although allocations may be filled in full, in part, or not at all.

According to data shared by Wu Blockchain, the new feature is being offered through Coinbase Capital Markets, a FINRA-registered broker-dealer. Execution, clearing and custody are handled by Apex Clearing Corporation.

How Coinbase’s IPO Access Works

Coinbase said eligible customers can access active IPO offerings through a dedicated IPO section in the app. After funding their account, users can submit a conditional request for shares once the expected offering price range becomes available.

After the order period closes, shares are allocated based on available supply and customer demand. Coinbase said allocations can vary, meaning a request may be fully accepted, partially accepted or receive no allocation.

Shares allocated through the program become tradable on Coinbase once public-market trading begins for the stock. Coinbase also allows customers to modify or cancel requests during the offering period, subject to conditions tied to changes in the offering price.

Oura is the first IPO available through the new service. Reuters reported that the smart-ring maker is seeking to raise as much as $2.2 billion by offering 50 million shares at a proposed price of $40 to $44 each. The offering would give Oura a fully diluted valuation of about $15.62 billion.

Early Sales Can Affect Future IPO Access

Coinbase has also introduced restrictions related to the early sale of IPO allocations. Investors who sell shares obtained through the program within the first 30 days may be barred from participating in subsequent IPOs for 60 days.

The company said repeated early selling can also result in smaller and less frequent allocations compared with customers who hold their IPO shares for longer periods. Coinbase described the allocation approach as favoring investors it considers more likely to hold their shares for the longer term.

The arrangement separates the brokerage function from Coinbase’s core digital-asset services. Coinbase Capital Markets acts as the broker-dealer facilitating the securities transactions, while Apex Clearing provides execution, clearing and custody services. Coinbase Capital Markets is a FINRA member firm and a wholly owned subsidiary of Coinbase Global.

Coinbase Plans More IPO Opportunities

The company said Coinbase Capital Markets participates in IPOs as a best-efforts selling-group member, aggregating customer orders and routing them through Apex Clearing. It does not underwrite the offerings, hold inventory or take the opposite side of customer trades.

Coinbase said it plans to make additional IPO opportunities available as allocations from participating selling groups become available. The rollout therefore begins with Oura but is intended to extend the IPO-access feature to other offerings over time.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.