Coinbase Stock Surges as Company Opens Up IPO Access to US Retail Investors
Coinbase's stock price rose by over 6% on Monday as the company opened up initial public offering (IPO) access to eligible US retail investors. The COIN stock price reached an intraday high of $208.33 after opening at $205.50.
The company, which provides a platform for buying and selling cryptocurrencies, has been expanding its services into traditional securities distribution. Coinbase's stock also benefited from stronger cryptocurrency prices across the session, with Bitcoin trading above $85,000 on Monday.
Eligible US customers can now request IPO shares directly through Coinbase's app, but final allocations depend on underwriter supply and customer demand. Coinbase Capital Markets provides the securities service through its registered broker-dealer structure, aggregating customer orders and routing them through Apex Clearing Corporation.