Coinbase gives eligible US users IPO access, starting with Oura, while setting rules for allocations and early share sales.
Cryptocurrency exchange Coinbase is expanding its stock trading services by giving eligible US retail customers access to IPO allocations. The new feature allows users to request IPO shares at the offer price before public trading begins. Coinbase said the move expands its plans for an “Everything Exchange” covering more financial products.
Retail Traders Gain Pre-Market IPO Access Through Coinbase
Coinbase has launched a new IPO access feature for eligible U.S. retail investors. The exchange will begin with Oura’s IPO this week, allowing users to request shares at the offering price before public trading starts.
Users can submit requests at the IPO price after the expected price range becomes available. The feature forms part of Coinbase’s broader push to build its “Everything Exchange” across financial markets.
Now you can participate in IPOs on Coinbase
We’re giving US retail customers more access to primary financial markets.
This is the next step toward building the Everything Exchange, a trusted platform to trade any asset at any stage of its lifecycle. pic.twitter.com/uNXRWIdjwk
— Coinbase 🛡️ (@coinbase) September 21, 2026
Moreover, customers must hold a Coinbase Capital Markets (CCM) brokerage account to participate. After funding their account, they can submit a Conditional Offer to Buy (COB) once the expected price range becomes available.
A COB represents a request rather than a guaranteed purchase. Coinbase receives a limited number of shares per offering, so customer demand can exceed available supply. Allocations are determined after the order book closes based on available shares, customer demand, and Coinbase’s allocation process. Users can cancel and resubmit their offers while the order period remains open.
The firm also introduced restrictions aimed at discouraging short-term selling of IPO allocations. Customers who sell IPO shares within their first 30 days may lose access to future IPO participation for 60 days.
Repeated early selling may also lead to smaller and less frequent allocations compared with customers who hold their shares for longer periods.
Coinbase Sets Out Structure for Retail IPO Allocations
Coinbase Capital Markets (CCM), a FINRA-registered broker-dealer, handles the IPO access. CCM participates in offerings as a best-efforts selling-group member and aggregates customer orders.
Orders are then routed through clearing partner Apex Clearing Corporation. According to Coinbase, CCM acts as an agent for customers and does not underwrite IPOs, hold inventory, or trade against customer orders.
Coinbase said the Oura offering marks the start of its IPO service. The company expects the feature to give eligible customers access to private companies as those companies transition to public markets.
Earlier this year, Coinbase secured regulatory approval in the United Kingdom, allowing it to offer stocks and derivatives alongside crypto trading. Under the new authorization, the firm provides eligible UK customers with access to a broader range of financial products. The company said the move supports its plans to develop an all-in-one financial platform.
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