Coinbase has opened new stock subscription to eligible U.S. retail customers, with the first offering being the Nasdaq listing of smart ring company Oura this week.

Customers can access the IPO page in the app, fund their accounts, and submit conditional buy orders after the price range is announced. They must also complete a FINRA identity verification questionnaire. Allocation is not guaranteed and may be full, partial, or zero, depending on the quantity allocated to Coinbase by the underwriters and total demand. The securities are issued by Coinbase Capital Markets, with Apex responsible for execution, clearing, and custody. Selling allocated shares within 30 days may ban the ability to subscribe for 60 days, and frequent short-term selling will reduce future allocations. The co-CEO of institutional services stated that this is a step to keep customers within the same app covering the entire asset lifecycle.

Oura plans to offer 50 million shares, with a guidance price of $40 to $44, giving a maximum valuation of about $2.2 billion, under the ticker symbol OURA, with lead underwriters including Goldman Sachs, Morgan Stanley, and JPMorgan Chase. Following the announcement, Coinbase's stock price rose about 4% to $5.

The buy orders are aimed at retail funds looking to acquire popular stocks at the offering price before the market opens, as well as to position Coinbase as a comprehensive trading platform for growth capital; the sell orders involve opaque allocation algorithms and funds restricted from short-term trading. The event driver is the product launch and Oura as the first target. Beneficiaries include Coinbase, which can retain primary market traffic within the app; the underwriting syndicate and traditional retail brokers face disintermediation.

The market is trading on the pre-opening allocation entry, not another crypto trading pair.

Source: Public Information