Coinbase (COIN) shares rose roughly 6% on Monday as Bitcoin pushed above $85,000 and crypto-linked equities rallied. COIN traded above $205 in premarket activity, building on a double-digit gain from Friday's close.

Alongside the stock move, the company announced a product aimed directly at U.S. retail investors: eligible Coinbase customers can now request allocations in initial public offerings through the app. The rollout begins this week with Oura's IPO.

How the IPO Feature Works

Oura is offering 50 million units at an expected price range of $40 to $44, according to Reuters. Coinbase customers can select an active IPO, fund their account, and submit a Conditional Offer to Buy once the price range is available. Orders can be changed or canceled while the request period remains open.

Allocations are not guaranteed. Depending on demand and the number of units available to Coinbase, customers may receive their full request, part of it, or nothing at all. Once an allocation is confirmed, the stock becomes tradable on Coinbase when public-market trading begins.

The service is offered through Coinbase Capital Markets, the company's FINRA-registered broker-dealer. Coinbase Capital Markets does not underwrite the IPOs itself; it participates as a selling-group member and routes aggregated customer orders through Apex Clearing. That structure reflects how IPO shares are typically distributed: selling-group members receive allocations from underwriters and pass them along to customers, a channel that has historically favored institutional buyers over individuals.

Coinbase has also built in a mechanism intended to discourage immediate selling. Customers who sell IPO allocations within 30 days may be blocked from future IPO participation for 60 days, and repeated early selling could also reduce future allocations. The company says the approach is designed to favor customers who hold IPO stock for longer periods.

Coinbase Pushes Further Into Stocks

The new feature fits Coinbase's wider "Everything Exchange" strategy. The company has already expanded into U.S. stock trading with 24/5 access for eligible symbols, and has also moved into prediction markets and stock-linked futures. The push follows broader shift among consumer trading platforms toward bundling stocks, crypto, and other assets in a single app.

Bitcoin Rally Adds Another Boost

Monday's COIN move was not driven by the IPO announcement alone. Bitcoin reached an eight-month high above $85,000, helping lift Coinbase, Robinhood, and Strategy before the open.

Last week, Coinbase also filed to list perpetual-style futures tied to roughly 50 to 60 individual U.S. stocks. Apple, Microsoft, Tesla, and Nvidia are among the names expected to be included if regulators approve the products. The filing gives investors another example of Coinbase expanding beyond traditional crypto trading as it adds stock products alongside its core digital-asset business. Regulatory approval is the gating step for those products, so the outcome of the review is a natural next development to track.

Investors should still keep the near-term rally in perspective. COIN remains sensitive to Bitcoin prices, crypto trading volumes, and regulatory developments, while new products such as IPO access and stock perpetuals still need to prove they can add meaningful revenue.

The latest confirmed expansion is the IPO service launching with Oura. Coinbase says more IPO opportunities will be added when allocations become available through selling groups.

Source: CoinCentral