Coinbase Global Inc. saw its shares climb more than 5% on Monday, reaching an intraday high above $208, as the cryptocurrency exchange unveiled a new service that gives eligible US retail customers access to initial public offerings through its app. The announcement coincided with a broader crypto market rally that pushed Bitcoin above $86,000 for the first time since January.
The new IPO-access feature will debut with the upcoming offering from Oura, the Finnish smart-ring maker. Coinbase said eligible customers will be able to request shares at the IPO offer price before the stock begins trading on a public exchange. The service is part of the company's broader strategy to expand beyond digital assets and into traditional financial markets, a vision CEO Brian Armstrong has described as building an "Everything Exchange."
How the IPO access works
Coinbase said eligible customers will find a dedicated IPO section within its app, where they can fund their accounts and submit a conditional offer to buy shares once the expected price range is published. Oura is seeking to sell 50 million shares at a price between $40 and $44 each, targeting a valuation of roughly $15.6 billion at the top of the range. The company plans to list on the Nasdaq under the ticker OURA.
Allocations through Coinbase may be full, partial, or none at all, depending on demand. Coinbase Capital Markets, the exchange's FINRA-registered broker-dealer, will aggregate customer orders and route them through Apex Clearing Corporation. Coinbase emphasized that it will act as an agent rather than an underwriter, meaning it will not hold inventory or take the opposite side of customer trades.
The company is also imposing restrictions on early selling. Customers who sell IPO shares within 30 days may be barred from participating in future IPOs for 60 days, and repeat early sellers could receive smaller and less frequent allocations.
Expanding beyond crypto
The IPO service adds another layer to Coinbase's push into traditional markets. The company has already expanded into stocks, options, and exchange-traded funds, allowing US customers to transfer existing stock portfolios and trade major equities and indexes through its platform. In June, Coinbase launched pre-IPO perpetual futures for eligible non-US users, starting with SpaceX, though those products offer synthetic exposure and do not represent actual ownership.
The new IPO product differs because it involves actual securities offered through Coinbase Capital Markets, with Apex providing execution, clearing, and custody services. Coinbase also filed a notice registration form with the Securities and Exchange Commission earlier this month, seeking approval to begin listing equity perpetuals.
Bitcoin rally adds momentum
Coinbase shares were trading more than 5.5% higher in midday trading, reaching their highest level since May. The stock's gains were fueled by a cryptocurrency market rally that saw Bitcoin rise more than 6.2% over the previous 24 hours, crossing $86,000 for the first time since January. At the time of writing, Bitcoin was trading around $86,060.
Coinbase said it plans to offer additional IPO opportunities as selling-group allocations become available, though it has not disclosed which offerings will follow Oura. Several high-profile companies, including Anthropic, Stripe, Chime, and Anduril, are expected or reported to be considering US IPOs later this year, but their timing remains uncertain. Coinbase has not indicated whether it will participate in any of those offerings.
This article is for informational purposes only and does not constitute financial advice.
