Coinbase Lets US Retail Users Request IPO Allocations, Starting With Oura

Coinbase announced on September 21, 2026 that US retail customers can now request shares in initial public offerings directly in the Coinbase app. The first deal was Oura's IPO that week.

How to request shares

Open the new IPOs page in the Coinbase app and choose an active deal.

Fund the account to cover the shares requested.

Once the expected price range is public, submit a "Conditional Offer to Buy."

Requests can be cancelled and resubmitted while the deal is open. When the order book closes, shares are allocated and booked into the account at the IPO price. Allocations depend on underwriter supply and customer demand, so a request may be filled fully, partly or not at all. Shares can be traded on Coinbase as soon as public trading starts.

Rule on quick selling

Coinbase's allocation method favors long-term holders. Selling IPO shares within 30 days may block a user from IPO participation for the next 60 days, and repeat sellers get smaller and less frequent allocations.

Who runs it

IPO access is provided by Coinbase Capital Markets (CCM), a FINRA-registered broker-dealer and SIPC member. CCM takes part as a best-efforts selling-group member and routes orders through Apex Clearing Corporation. It acts only as an agent and does not underwrite deals. Every user must complete a FINRA eligibility questionnaire. Kraken also offered access to the Oura IPO for non-US users through xStocks later that week.