Coinbase to offer IPO shares to eligible US customers, starting with Oura

Coinbase is adding IPO share allocations to its traditional investment services for eligible US customers this week. The rollout will begin with smart-ring maker Oura's planned Nasdaq listing under the ticker OURA, involving 50 million shares at an expected price of $40 to $44 each. Customers can request Oura shares at the IPO price through the Coinbase app before public trading begins. To participate, they must select the offering, fund their accounts, submit a Conditional Offer to Buy after the expected price range is published, and complete a standard FINRA questionnaire used to screen for restricted status. An order does not guarantee an allocation. Requests may be filled in full, partially filled, or rejected, depending on demand and the number of shares Coinbase receives from underwriters. Customers can revise or cancel requests while the order book is open. Allocated shares are booked at the final IPO price and become tradable when public trading begins. Coinbase said its allocation system prioritizes investors who hold their shares. The company said selling IPO shares within the first 30 days may result in being barred from IPO participation for the following 60 days, while customers who repeat that behavior may receive smaller and less frequent allocations than investors who hold shares for longer periods. Coinbase said the service gives US customers early exposure to companies before they trade publicly as part of its effort to build what it calls the Everything Exchange. The company did not disclose why it chose Oura for the launch. Coinbase also said its securities business is separate from the digital-asset services offered by Coinbase Inc. The IPO rollout follows the company's filing to offer US perpetual futures tied to stocks including Apple, Tesla and Nvidia, although those contracts would provide price exposure rather than ownership. Coinbase has launched tokenized stocks for eligible users outside the US, secured authorization to offer stocks and derivatives in the UK, and outlined plans to bring stocks, crypto and prediction markets to customers in Canada.