Coinbase will kick off its new service with IPO access to Oura’s offering later this week.

  • Customers can submit IPO requests directly through a new IPO section in the Coinbase app.
  • The exchange is introducing restrictions on early selling, with customers who sell IPO shares within 30 days potentially barred from participating in IPOs for the following 60 days.
  • Coinbase plans to add more IPO opportunities over time as selling-group allocations become available.

Coinbase (COIN) shares hit a more than four-month high on Monday amid a broader cryptocurrency rally, with the exchange also announcing plans to give eligible U.S. retail traders access to IPO allocations through its app.

The Brian Armstrong-led crypto exchange said in a blog post that its IPO-access service will launch with smart-ring maker Oura’s offering this week. Eligible customers will be able to request shares at the IPO offer price.

Oura is seeking to sell 50 million shares at $40 to $44 apiece, targeting a valuation of roughly $15.6 billion at the top of the range. The company plans to list on Nasdaq under the ticker OURA.

Coinbase Adds Another Layer To ‘Everything Exchange’ Vision

The move expands on Coinbase’s narrative to push beyond crypto and into traditional financial markets as the company builds what Armstrong calls the “Everything Exchange.” Users can access a new IPO section in the Coinbase app, fund their accounts, and submit a “Conditional Offer to Buy” once an expected price range is available.

COIN stock rallied over 5.5% in midday trade to hit an intra-day high of over $208, the highest level since May. On Stocktwits, retail sentiment around the company trended in ‘neutral’ territory over the past day. 

COIN stock price performance year-to-date on September 21 as of 11:30 a.m. ET | Source: Koyfin

The uptick came alongside a broader rally in cryptocurrency markets. Bitcoin’s price rose by over 6.3% in the last 24 hours, crossing $85,000 for the first time since January. The apex cryptocurrency was trading at around $85,800 at the time of writing, with retail sentiment on Stocktwits flipping to ‘bullish’ from ‘bearish’ over the past day. 

Bitcoin retail sentiment on September 21 as of 11:30 a.m. ET | Source: Stocktwits

Coinbase’s IPO Allocation Rules

Coinbase Capital Markets, its FINRA-registered broker-dealer, will aggregate customer orders and route them through Apex Clearing Corporation. Coinbase said it will act as an agent rather than underwrite offerings, hold inventory, or take the opposite side of customer trades.

The exchange is also putting restrictions on early selling. Customers who sell IPO shares within 30 days may be barred from participating in IPOs for the following 60 days, while repeat early sellers could receive smaller and less frequent allocations.

More IPOs Could Follow

Coinbase said it plans to offer additional IPO opportunities as selling-group allocations become available, but has not disclosed which offerings will be next.

Several high-profile companies are expected or reported to be considering U.S. IPOs later this year, including AI company Anthropic, fintech firms Stripe and Chime, and defense technology company Anduril. Their timing remains subject to change, and Coinbase has not said whether it will participate in any of those offerings.

COIN stock has fallen over 9% year-to-date and over 40% in the last 12 months.

Read also: AMD Stock Hits Record High, Briefly Joins $1 Trillion Club Amid Chip Sector Rally 

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