Coinbase Hands Retail the IPO Punch Bowl—First Sip Goes to Oura 🍷

Coinbase is rolling out IPO share allocations to eligible U.S. retail customers this week, beginning with smart-ring maker Oura's planned Nasdaq listing under the ticker "OURA." The exchange announced the new feature on Monday through its Coinbase Capital Markets (CCM) broker-dealer, a FINRA-registered entity. Oura is offering 50 million shares at an expected price of $40 to $44 each.

Customers can request shares at the IPO price through the Coinbase app before public trading begins. The process involves selecting an offering on the IPO page, funding the account, and submitting a "Conditional Offer to Buy" once the expected price range is published. Participants must also complete a standard FINRA questionnaire used to screen for restricted status. Coinbase noted that orders are not guaranteed allocations and may be filled in full, partially filled, or rejected depending on demand and the number of shares received from underwriters. Requests can be revised or canceled while the order book remains open, and allocated shares will be booked at the final IPO price.

"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. The company also disclosed that its "allocation algorithm prioritizes investors who believe in what they're purchasing for the long haul," warning that users who sell IPO shares within the first 30 days of receiving their allocations may be barred from IPO participation for the following 60 days. Investors who repeat the behavior could face smaller and less frequent allocations than those who hold longer.

Coinbase stated the launch extends its push beyond crypto trading into tokenized and traditional equities. The firm recently filed to offer U.S. perpetual futures tied to stocks including Apple, Tesla, and Nvidia, though those contracts would provide price exposure rather than ownership. It has also launched tokenized stocks for eligible users outside the U.S., secured authorization to offer stocks and derivatives in the UK, and outlined plans to bring its mix of stocks, crypto, and prediction markets to customers in Canada. The company added that its securities business operates separately from the digital-asset services offered by Coinbase Inc.

COIN stock rose over 6% at the market open on the news, with Oura's listing also preceded by the widely anticipated Anthropic IPO.