Coinbase launches IPO access for U.S. retail customers

Coinbase is expanding its platform to offer U.S. retail customers access to initial public offering (IPO) allocations, according to a company statement. The feature allows eligible customers to request shares at the offer price before open-market trading begins.

The rollout starts with Oura’s IPO, where customers can navigate to a new IPOs page within the Coinbase app, select an active deal, fund their account, and submit a "Conditional Offer to Buy" once a price range is disclosed.

Allocations are not guaranteed. Shares may be filled in full, in part, or not at all, depending on underwriter supply and total customer demand. Customers can edit or cancel requests during the open period, though a price change above a set limit requires resubmitting the offer. Once allocated, shares become tradable on Coinbase when public market trading begins for the stock.

Coinbase’s allocation process includes a holding incentive. Customers who sell IPO shares within 30 days may be barred from future IPO participation for 60 days. Repeated early selling may result in smaller future allocations compared to customers who hold shares longer.

The service operates through Coinbase Capital Markets (CCM), a FINRA-registered broker-dealer. CCM participates as a best-efforts selling-group member, aggregating customer orders and routing them through clearing partner Apex Clearing Corporation. CCM does not underwrite deals, hold inventory, or take the opposite side of trades.

CCM said it plans to offer additional IPO opportunities as selling-group allocations become available.