Coinbase has opened initial public offering (IPO) access to eligible U.S. retail investors, letting customers request shares in upcoming listings before public trading begins. The new capability extends the company's equities business beyond stock and ETF trading, which covers securities only after they have begun trading. Oura is the first company available through the feature, marking the entry of the exchange's brokerage arm into primary-market deal distribution.

Oura Is the First Offering on Coinbase

Oura has applied to list its stock on the Nasdaq Global Select Market under the ticker OURA. Its September 3 Form S-1 filing named Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co., and Jefferies among the offering's lead bookrunners.

Eligible Coinbase customers can request shares at the IPO price before Oura starts open-market trading. Allocations are not guaranteed and depend on share supply and customer demand for the deal.

How Retail Allocation Requests Work

To participate, customers enter the IPOs section of the Coinbase app, select an active deal, and fund their brokerage account. Once the expected price range appears, they can submit a Conditional Offer to Buy. Requests may be edited or canceled at any point while the order window remains open.

After the order book closes, Coinbase assigns shares to participating customers. Investors may receive all, part, or none of the shares they request, since the shares available to customers depend on the allocations Coinbase receives as a selling-group member in each deal.

Expansion Beyond Secondary Trading

Coinbase already offers U.S. stock and ETF trading, giving customers access to more than 8,000 securities, fractional shares, and 24/5 trading. The IPO allocations extend that service into primary-market distribution while keeping securities activity separate from the company's digital asset operations. For customers, the shift is one of timing: access now starts before a company lists rather than after.

The broader strategy includes derivatives, prediction markets, and planned tokenized equities, which Coinbase describes as parts of its "Everything Exchange" strategy. Primary-market distribution adds a pre-listing stage to that lineup, and the launch follows the company's push toward U.S. stock perpetuals as it widens its securities product lineup.

Broker-Dealer Structure Behind the Offering

Coinbase Capital Markets Corp. handles the securities activity as a registered broker-dealer. It acts as a selling-group member and customer agent rather than an IPO underwriter, while Apex Clearing provides execution, clearing, and custody.

Customers must complete an eligibility questionnaire joining offerings. Coinbase says early selling can affect allocation access: selling allocated shares within 30 days may block participation in IPO offerings for 60 days, and repeated early sales may reduce allocations in future deals, tying continued access to how long customers hold allocated shares.

Coinbase Capital Markets plans to add more IPO opportunities as selling-group allocations become available, making deal flow — which offerings appear and on what terms — the factor to watch as the feature expands. Oura's listing under the OURA ticker is the first run of the process from order window to allocation.