Coinbase Unveils IPO Access for Retail Investors

Coinbase has expanded its equities business by opening IPO access to eligible U.S. retail investors, allowing customers to request shares before public trading begins. The feature, which starts with Oura's listing on Nasdaq, gives retail investors a chance to participate in the primary market. Customers can submit, edit, or cancel their requests while the IPO order window is open.

The allocation of shares will depend on supply and demand, and customers may receive all, part, or none of the shares they request. Coinbase Capital Markets handles transactions, while Apex Clearing provides execution, clearing, and custody. Oura applied to list its stock under ticker OURA and has a lead bookrunner team including Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co., and Jefferies.

Coinbase warns that selling allocated shares within 30 days may affect future IPO access for customers, potentially blocking participation in offerings for 60 days. Repeated early sales may reduce later allocations.