Coinbase expansion into retail IPO access and markets

Coinbase is expanding beyond its crypto roots by giving eligible U.S. retail customers access to IPO allocations through Coinbase Capital Markets, allowing requests at the offering price before public trading begins. The inaugural deal available via the service is Oura, which plans to sell 50 million shares in a $40–$44 price range; that range implies a $2.0–$2.2 billion offering size, while earlier reporting tied the top end of the IPO pricing to a company valuation around $14 billion. Oura reported $1.21 billion revenue for the nine months ending June 30, 2026, up 74% year‑over‑year, and roughly 5 million paid members. The company has raised more than $1.5 billion in private funding and carried a late‑2025 private valuation near $11 billion.

Participation requires a Coinbase Capital Markets brokerage account, funding to cover requested purchases, and is available only to eligible U.S. residents. Customers submit Conditional Offers to Buy; offers are requests, not guaranteed fills, because Coinbase receives a limited share allocation and may deliver all, some, or none of requested shares. Coinbase participates as a best‑efforts selling‑group member, aggregating orders and acting as agent rather than underwriting or holding inventory; Apex Clearing Corporation provides execution, clearing, and custody. Coinbase also imposes anti‑flipping measures: selling allocated IPO shares within the first 30 days can lead to a 60‑day restriction on future IPO participation. The move extends Coinbase’s brokerage footprint into traditional finance alongside its existing derivatives, staking, and custody services.