Coinbase opens IPO access for U.S. retail customers with Oura debut
Coinbase is widening its push into traditional capital markets by letting eligible U.S. retail customers request IPO shares through its app, beginning with Oura's market debut this week. The move adds primary-market access to the company's expanding lineup beyond crypto, secondary stock trading and pre-IPO derivatives.
Highlights
- Coinbase now enables eligible U.S. retail customers to request Oura IPO shares at the offer price before public trading begins, with allocations based on demand.
- This primary-market IPO access marks Coinbase's expansion beyond crypto, following its June launch of pre-IPO perpetual futures like SpaceX for non-U.S. users.
- Coinbase is moving further into traditional finance by expanding into stocks, options, and ETFs, and has filed with the SEC to list equity perpetuals.
Primary-market launch starts with Oura
According to The Block, the company says in a Monday blog post that eligible U.S. customers can request shares at the IPO offer price before trading begins, with final allocations potentially full, partial or zero depending on investor demand.Coinbase describes the feature as another step in building its "Everything Exchange," giving U.S. users earlier access to closely watched companies before they begin trading on public exchanges. The offering is being made through Coinbase Capital Markets, while Apex provides execution, clearing and custody.
Broader expansion into stocks and derivatives
The launch extends Coinbase's expansion beyond crypto and secondary-market stock trading into the primary market. In June, the company introduced pre-IPO perpetual futures starting with SpaceX, allowing eligible non-U.S. users to gain synthetic price exposure to private companies ahead of a public listing, without taking ownership stakes.Coinbase also says it is expanding into stocks, options and other traditional-market products, including the ability for U.S. customers to transfer existing stock portfolios to the platform and trade major stocks, indexes and ETFs. Earlier this month, the exchange filed a notice registration form with the Securities and Exchange Commission as it seeks approval to list equity perpetuals.
Our earlier coverage of Oura’s planned U.S. IPO noted that the smart-ring maker and existing investors aimed to sell 50 million shares at $40–$44, targeting up to $2.2 billion in proceeds. We also highlighted early demand signals, including indications of interest from Eli Lilly and Dragoneer, as Oura prepared to list on Nasdaq under the ticker OURA.
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