Coinbase is opening IPO share allocations to eligible U.S. retail customers through its app, deepening the crypto exchange's push into traditional investments. The service goes live this week, and smart-ring maker Oura will be the first company offered through it.

According to a Monday announcement, eligible U.S. customers can request Oura shares at the IPO price through the Coinbase app before public trading begins this week. Coinbase described the feature asanother tool that allows them to access more assets in a more complete financial ecosystem." Historically, IPO allocations have skewed heavily toward institutional investors, with individual buyers often limited to purchasing shares once they begin trading on the open market.

"We're focused on growing the Everything Exchange for our customers," a Coinbase spokesperson told Decrypt. "A natural step in that direction is to give our customers in the US early exposure to high-interest companies before they hit public exchanges."

Coinbase said it chose Oura because the high-profile debut coincided with Coinbase Capital Markets receiving regulatory approval to participate in IPOs. Oura, whose smart rings track sleep and other health metrics, plans to list on Nasdaq under the ticker "OURA," offering 50 million shares at an expected price of $40 to $44 each.

To take part, customers select an offering through the IPO page in Coinbase's app, fund their accounts, and submit a "Conditional Offer Buy" after the expected price range is published. They must also complete a standard questionnaire from FINRA, the self-regulatory organization that oversees U.S. broker-dealers, used to screen for restricted status.

An order does not guarantee an allocation, however. Requests may be filled in full, partially filled, or rejected, depending on demand and the number of shares Coinbase receives from underwriters. Customers can revise or cancel their requests while the order book is open. Allocated shares are booked at the final IPO price and become tradable when public trading begins.

Coinbase said its allocation system is designed to reward investors who hold their shares. "Our allocation algorithm prioritizes investors who believe in what they're purchasing for the long haul," the company said. "Selling IPO shares within the first 30 days may result in being barred from IPO participation for the following 60 days, with smaller and less frequent allocations given to those who repeat this behavior compared to investors who hold their IPO shares for longer durations."

In a disclaimer, Coinbase emphasized that its securities business is separate from the digital-asset services offered by Coinbase Inc.

The IPO rollout is the latest step in Coinbase's expansion beyond crypto trading. The company recently filed to offer U.S. perpetual futures—derivatives contracts with no expiration date that are widely used in crypto trading—tied to stocks including Apple, Tesla, and Nvidia, though those contracts would provide price exposure rather than ownership. Coinbase 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. Together, the products form part of Coinbase's effort to build what it calls the "Everything Exchange."