Coinbase stock COIN rose more than 4% on Monday as Bitcoin climbed above $86,000 and the cryptocurrency exchange announced plans to give eligible US retail customers access to initial public offerings through its app.
Coinbase said its new 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 before the stock begins public trading.
The move expands Coinbase’s efforts to offer products beyond cryptocurrency and into traditional financial markets.
Coinbase launches IPO access with Oura
Coinbase said eligible customers will be able to access a new IPO section within its app, fund their accounts, and submit a conditional offer to buy shares once an expected price range becomes available.
Oura is seeking to sell 50 million shares at between $40 and $44 apiece, targeting a valuation of approximately $15.6 billion at the top of the range.
The company plans to list on the Nasdaq under the ticker OURA.
Allocations through Coinbase can be full, partial or none 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 said it will act as an agent rather than underwrite offerings, 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 IPOs for the following 60 days, while repeat early sellers could receive smaller and less frequent allocations.
Expansion beyond cryptocurrency
The IPO service adds another element to Coinbase’s push to build what CEO Brian Armstrong has called an “Everything Exchange.”
The company said the feature gives US customers early access to companies before they begin trading on public exchanges.
Coinbase has also expanded into stocks, options and other traditional-market products, allowing US customers to transfer existing stock portfolios and trade major stocks, indexes and exchange-traded funds through its platform.
In June, Coinbase launched pre-IPO perpetual futures, beginning with SpaceX, for eligible non-US users.
Those products provide synthetic price exposure to private companies and do not represent ownership.
The latest IPO product differs because it involves 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 to Coinbase momentum
Coinbase shares were trading more than 5.5% higher in midday trading, reaching an intraday high above $208.
The stock reached its highest level since May as cryptocurrency markets rallied.
Bitcoin rose more than 6.2% over the previous 24 hours, crossing $86,000 for the first time since January. It was trading around $86,060 at the time of writing.
Coinbase said it plans to offer additional IPO opportunities as selling-group allocations become available, although it has not disclosed which offerings will follow Oura.
Several prominent companies, including Anthropic, Stripe, Chime and Anduril, are expected or reported to be considering US IPOs later this year, but their timing remains subject to change.
Coinbase has not said whether it will participate in any of those offerings.
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