Coinbase has officially opened initial public offering (IPO) access to eligible retail customers in the United States, marking a significant expansion beyond its core cryptocurrency trading services. The new feature allows users to request shares at the IPO price before public trading begins, with smart-ring maker Oura being the first company available through the program.
Coinbase Starts Retail IPO Access With Oura
Announced on September 21, the IPO service is accessible through a dedicated section in the Coinbase app. Eligible customers must fund their accounts before indicating the number of shares they wish to request. After the company publishes an expected price range, users can submit a ‘Conditional Offer to Buy,’ which can be canceled or revised while the order book remains open. However, submitting a request does not guarantee an allocation; available shares depend on customer demand and the amount supplied to Coinbase.
“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 said in a statement.
Oura IPO Details: Price Range and Share Structure
Oura plans to list its common stock on the NASDAQ Global Select Market under the ticker OURA. Its amended registration statement shows an expected IPO price between $40 and $44 per share. The offering covers 50 million shares: Oura will sell 13.5 million new shares, while existing shareholders will offer another 36.5 million shares. Underwriters may also purchase up to 7.5 million additional shares from selling shareholders.
Once the order book closes, Coinbase will allocate shares through its internal method. Customers may receive the full requested amount, a smaller allocation, or no shares. Allocated stock will be deposited into the customer’s account at the final IPO price and become tradable when public trading begins.
Coinbase Discourages Quick IPO Share Sales
Coinbase’s allocation system will favor customers who appear willing to hold their shares. A customer who sells allocated stock within 30 days may lose access to new IPO offerings for the next 60 days. Repeated sales within this period could also lead to smaller or less frequent allocations. These rules are designed to limit short-term flipping and distribute shares to longer-term investors.
The exchange has not disclosed every factor used by its allocation system. Coinbase Capital Markets will operate the service as a FINRA-registered broker-dealer, aggregating customer orders and routing them through Apex Clearing Corporation. The broker will act as an agent and will not underwrite an offering, hold shares in inventory, or trade against customers. Users must also complete a standard FINRA eligibility questionnaire.
Anthropic Access Not Yet Confirmed
The launch comes as investors monitor reports about a possible Anthropic public offering. However, Coinbase has not named Anthropic as an upcoming deal or confirmed that its customers will receive shares in any future listing. The company said it plans to add more IPOs when selling-group allocations become available, with Oura remaining the only confirmed offering at launch.
Meanwhile, COIN shares rose during the session as cryptocurrency prices and related stocks also gained. The stock movement coincided with Bitcoin reaching an eight-month high near $85,000.
