Coinbase has started offering US retail customers allocations in initial public offerings through its app, beginning with Oura's IPO. Eligible users can request shares at the offering price before public trading starts, rather than buying only after the stock begins trading on an exchange.

The service is provided by Coinbase Capital Markets, the company's FINRA-registered broker-dealer. Customers find current offerings in a dedicated section of the app and must fund their accounts before submitting a conditional offer to buy once an issuer has published its expected price range.

Allocations depend on availability, eligibility checks, and Coinbase's allocation process, so a request does not guarantee shares. Users who sell allocated shares within 30 days may be barred from IPO participation for 60 days, a rule intended to discourage immediate flipping.

The feature extends Coinbase's effort to offer stocks and other traditional products next to crypto in one account. How much of each deal is set aside for retail customers, and how consistently Coinbase can secure allocations beyond its first offering, will determine how meaningful the product becomes.