Coinbase has introduced a way for eligible U.S. retail customers to request initial public offering shares in its app. The first opportunity is tied to Oura's IPO. Customers can place a conditional offer before public trading begins, potentially receiving shares at the offering price. The addition extends Coinbase's product range beyond crypto trading and into the primary stock market.

Users must fund their accounts before submitting an offer once an expected price range is available. After the order book closes, allocations depend on the shares available and the amount requested across customers. A request may be filled in full, partly or not at all. Coinbase says offers can be canceled and resubmitted while the request period remains open.

The service runs through Coinbase Capital Markets, a registered broker-dealer that participates as a selling-group member rather than underwriting an IPO itself. It collects customer orders and routes them through clearing partner Apex Clearing. That structure explains why listing a deal in the app does not guarantee Coinbase customers any particular share allocation. The shares become tradable there when public market trading starts.

Coinbase has also built rules intended to favor customers who hold allocated shares. Selling an IPO position within 30 days may lead to a 60-day restriction on future IPO participation, with repeated quick sales affecting later allocations. The company plans to offer more deals as they become available. The launch tests whether a customer base assembled around digital assets will also use Coinbase to access new stock offerings.