Coinbase has launched IPO allocations for eligible US retail customers via Coinbase Capital Markets, starting with Oura's offering.
Customers can request shares at the offer price before open-market trading begins. Oura's IPO, scheduled to begin on September 21, 2026, the same week the announcement was made, is the first deal available.
The launch extends the company's activity into primary financial markets and is part of its 'Everything Exchange' strategy. Under this approach, Coinbase aims to give US customers exposure to companies before their shares reach public exchanges, rather than only after listing.
How the allocation process works
Requests are managed in the Coinbase app, where a new IPOs page lists active deals. Customers select a deal page and fund their account to cover the cost of the shares they want. Once the expected price range for the offering is public, they can submit a 'Conditional Offer to Buy'.
Offers can be edited or cancelled throughout the open period. However, if the price changes beyond a set limit, customers must resubmit their request to stay in the running for an allocation.
After the order book closes, Coinbase allocates available shares using what it describes as an established methodology and books them into customer accounts at the IPO price. Final allocations depend on underwriter supply and total customer demand, so requests may be filled in full, in part, or not at all. Allocated shares become tradable on Coinbase as soon as public market trading in the stock begins.
Allocation rules and holding periods
Coinbase has designed its allocation algorithm to prioritise investors who intend to hold their shares over the long term. Customers who sell IPO shares within the first 30 days may be barred from IPO participation for the following 60 days. Those who repeat this behaviour may receive smaller and less frequent allocations than investors who hold their shares for longer.
Because the shares available depend on underwriter supply, the algorithm determines how that limited pool is shared among customers. Holding behaviour is one of the factors that shapes each customer's future access.
Broker-dealer structure
Access is provided through Coinbase Capital Markets (CCM), the company's FINRA-registered broker-dealer. CCM participates in IPOs as a best-efforts selling-group member, aggregating customer orders and routing them through clearing partner Apex Clearing Corporation.
CCM acts as an agent for customers. It does not underwrite deals, hold inventory, or take the opposite side of trades. This makes Coinbase a distribution channel for IPO shares. CCM plans to offer more IPO opportunities over time as selling-group allocations become available, so the pipeline depends on the broker-dealer securing places in future selling groups.
