Coinbase expands to US retail IPO access with Oura debut

Coinbase has launched a new service allowing eligible U.S. retail customers to request allocations in initial public offerings (IPOs) directly through its mobile application. This expansion into primary markets is part of the company’s strategy to become an ‘Everything Exchange,’ moving beyond cryptocurrency trading into traditional financial products.

The service is being facilitated through Coinbase Capital Markets, the company’s FINRA-registered broker-dealer, with clearing and custody provided by Apex Clearing Corporation. The rollout begins with the IPO of Oura, a smart-ring manufacturer, which is seeking to list on Nasdaq. Oura is offering 50 million shares with an expected price range of $40 to $44, potentially raising up to $2.2 billion at a valuation of approximately $15.62 billion.

To participate, eligible users must fund their accounts and submit a ‘Conditional Offer to Buy’ once the expected price range is public. Participation does not guarantee an allocation, as shares are distributed based on demand and availability. To discourage short-term flipping, Coinbase has implemented an allocation algorithm that prioritizes long-term holders. Users who sell allocated shares within 30 days may face a 60-day restriction on future IPO participation.