Coinbase stock jumps 4.5% on plans for early IPO access

Coinbase's stock price jumped 4.5% on Monday after the company announced plans to give retail investors early access to initial public offerings. Shares of COIN were up about 4.4% at around 12:30 p.m. EDT, trading at $202.74 per share. Bitcoin reached $85,000 by midday, extending a rally after the Senate failed to pass the CLARITY Act, described as legislation that would establish a regulatory framework for the crypto industry. Under Coinbase's planned IPO program, customers will be able to submit a conditional offer to buy shares after a company's price range becomes public. Coinbase will distribute the shares, but warned that orders could be filled in full, in part or not at all, depending on underwriter supply and customer demand. An algorithm with an established methodology will allocate the shares and prioritize long-term investors. Users banned for selling IPO shares too early could receive fewer allotments under the system. Oura's upcoming IPO will be the first one available for early access to Coinbase customers, according to a Monday blog post. Oura, a wellness technology company that sells smart rings collecting health data, is planning to go public soon. In an amended Securities and Exchange Commission filing on Monday, Oura said it planned to sell 50 million shares at $40 to $44 each and sought to raise up to $2.2 billion. Coinbase's stock rise came days after the company filed paperwork to begin offering perpetual futures, which are speculative derivative contracts without expiration dates and are pegged to several major U.S. stocks. Coinbase said in a Friday post on X that it planned to provide 24/5 exposure to individual U.S. stocks. The Commodities Futures Exchange Commission approved this type of contract in May. Coinbase plans to offer the contracts on 50 to 60 major stocks, including Apple, Tesla and Nvidia, later this year, the Wall Street Journal reported.