Coinbase offers US customers IPO allocations, starting with Oura

Coinbase is giving eligible US retail customers access to IPO allocations through its app, beginning with Oura's debut this week. Customers can request shares at the IPO offer price before trading begins. Their allocations may be full, partial or none depending on demand. Coinbase said in a Monday blog post that the feature gives US customers early exposure to companies before they reach public exchanges and supports its effort to build an "Everything Exchange." The launch moves Coinbase beyond crypto and secondary-market stock trading into the primary market. The offering is provided through Coinbase Capital Markets, with Apex handling execution, clearing and custody. It follows Coinbase's earlier rollout of pre-IPO derivatives. In June, Coinbase launched pre-IPO perpetual futures starting with SpaceX for eligible non-US users. Those derivatives provide synthetic price exposure and do not represent ownership of a private company. Coinbase also said it was expanding into stocks, options and other traditional-market products, including allowing US customers to transfer existing stock portfolios to Coinbase and trade major stocks, indexes and ETFs. Earlier this month, the exchange filed a notice registration form with the Securities and Exchange Commission seeking approval to begin listing equity perpetuals.