Coinbase Opens IPO Allocations to U.S. Retail Starting With Oura

Coinbase said on September 21, 2026 that retail traders in the United States can now request allocations in initial public offerings directly through the Coinbase app, with the feature beginning this week with Oura’s IPO. The smart-ring company set an estimated price range of $40.00 to $44.00 per share for the 50 million-share offering in an amended registration statement filed with the U.S. Securities and Exchange Commission the same day.

The company described the launch as expanding access to primary financial markets, calling it “the next step in growing the Everything Exchange as a trusted platform to trade any asset at any stage of its lifecycle.” Under the feature, eligible customers can request shares at the offer price before open-market trading starts.

How the Allocation Process Works

To request an allocation, users navigate to a new IPOs page inside the Coinbase app and select an active deal page. After funding their account to cover the cost of the requested shares, they can submit what Coinbase calls a “Conditional Offer to Buy” once the expected price range becomes public.

Once the order book closes, available shares are allocated using an established methodology and booked directly into the customer’s account at the IPO price. Because final allocations depend on underwriter supply and total customer demand, requests may be filled in full, in part, or not at all. Offers can be edited or cancelled throughout the open period, though a price change above a set limit requires the request to be resubmitted. Shares become tradable on Coinbase as soon as public market trading begins for that stock.

Coinbase said its allocation algorithm prioritizes investors who intend to hold their IPO shares for longer periods. Under the company’s stated policy, selling IPO shares within the first 30 days may result in being barred from IPO participation for the following 60 days, and investors who repeat that behavior receive smaller and less frequent allocations than investors who hold their IPO shares for longer durations.

The IPOs are offered through Coinbase Capital Markets (CCM), the FINRA-registered broker-dealer that participates in IPOs as a best-efforts selling-group member. In that role, CCM aggregates customer orders and routes them through clearing partner Apex Clearing Corporation. CCM acts purely as an agent on customers’ behalf, meaning it does not underwrite deals, hold inventory, or take the opposite side of trades. Coinbase said CCM plans to offer more IPO opportunities over time as selling-group allocations become available.

Every user must complete a standard FINRA eligibility questionnaire to check for potential restricted status. All securities are offered by Coinbase Capital Markets Corporation, member FINRA and SIPC, and its securities services are separate from the digital asset services provided by Coinbase Inc. and its affiliates. SIPC protection does not apply to digital assets or cash held in a Coinbase Inc. account, and execution, clearing and custody of all securities are provided by Apex Clearing Corporation.

Oura’s Offering Terms and Registration History

Oura Inc. filed Amendment No. 1 to its Form S-1 on September 21, 2026, covering 50 million shares of common stock: 13.5 million shares offered by the company and 36.5 million shares offered by selling stockholders. Oura will not receive any of the proceeds from the shares sold by the selling stockholders. The company has applied to list its common stock on the Nasdaq Global Select Market under the symbol OURA, and the filing states the proposed sale to the public is expected to commence as soon as practicable after the registration statement is declared effective.

At Oura’s request, the underwriters reserved up to 7.5% of the offered shares for sale at the IPO price to certain individuals and entities identified by management under a directed share program. If the underwriters sell more than 50 million shares, they hold an option to purchase up to 7.5 million additional shares from the selling stockholders. Eli Lilly and Company (LLY ) has indicated an interest in purchasing up to $100 million of shares in the offering, and one or more funds affiliated with Dragoneer Investment Group have indicated an interest in purchasing up to $300 million of shares, in each case at the IPO price; the filing states these indications of interest are not binding agreements or commitments to purchase.

The prospectus lists Goldman Sachs (GS ) & Co. LLC, Morgan Stanley (MS ), J.P. Morgan, Allen & Company LLC and Jefferies first among the underwriters, a group that also includes BofA Securities, Barclays, Wells Fargo Securities and Robinhood, among others. Oura is registering as an emerging growth company, a status the filing states subjects it to reduced public-company reporting requirements.

Oura first filed its registration statement on September 3, 2026. The company reported revenue of $1,214.5 million for the nine months ended June 30, 2026, compared with $697.6 million in the same period a year earlier, which the filing states represents 74% year-over-year growth. Oura reported gross margins of 55% and 51% for those periods, respectively, along with net income of $60.8 million and $1.6 million and Adjusted EBITDA of $106.7 million and $83.5 million.

As of June 30, 2026, Oura reported 5.0 million Paid Members across 56 markets, and it sold 3.6 million rings in the 12 months ended on that date. The company completed a redomiciliation from Finland to the United States on March 31, 2026, in which Delaware-incorporated Oura Inc. became the parent entity of Oura Health Oy. Oura was originally incorporated in Finland on April 24, 2013 as JouZen Oy and changed its name to Oura Health Oy on March 27, 2017.