Coinbase and Kraken Test Two Routes to IPO Access

Coinbase and Kraken are offering investors two different ways to access Ōura's upcoming IPO on Nasdaq.

Coinbase is allowing eligible U.S. customers to request conventional Ōura shares through a U.S. brokerage account, with requests open until September 29 at 4 p.m. ET.

On the other hand, Payward Services, which operates Kraken, is aggregating demand for the same IPO across Kraken and the xStocks Alliance, but successful participants will ultimately receive ŌURAx, a tokenized instrument backed by underlying shares.

The key difference between the two approaches lies in what investors own and where the products can be offered. Coinbase's model starts inside conventional U.S. securities infrastructure, while Payward's approach keeps the underlying share as backing and changes the instrument delivered to investors.