Coinbase launches IPO access for US retail investors, starting with Oura

Coinbase is no longer content being just a crypto exchange. The company announced on September 21 that eligible US retail investors can now request allocations in upcoming IPOs through its Coinbase Capital Markets platform, with health tech company Oura serving as the inaugural offering.

The Oura IPO

Oura, the Finnish company best known for its health-tracking smart rings, filed its S-1 registration statement with the SEC on September 3. The company plans to offer 50 million shares at a price range of $40 to $44 each, which could raise up to roughly $2.2 billion and value the company at around $14 billion at the top end.

The numbers backing Oura’s public debut are substantial. Revenue for the nine months ending June 30, 2026, hit $1.21 billion, representing 74% year-over-year growth. The company counts approximately 5 million paid members with what it describes as high retention rates.

Shares will trade on the Nasdaq under the ticker OURA. Goldman Sachs and Morgan Stanley are leading the underwriting syndicate, but there’s a notable newcomer in the mix: Robinhood Securities is participating as an underwriter for the first time during this process.

Oura has raised more than $1.5 billion in private funding since its founding in 2013. The company carried a private valuation of about $11 billion in late 2025, meaning the IPO pricing represents a meaningful step up from its last private round.

Why Coinbase is playing this game

The platform lets eligible investors request shares at the offering price before trading begins. Robinhood introduced IPO access for its users back in 2021, and its inclusion as an underwriter on the Oura deal suggests the trend of retail-friendly IPO distribution is accelerating.

A user who previously came to Coinbase solely to trade Bitcoin or Ethereum can now participate in traditional equity offerings without leaving the platform.

The bigger picture for crypto and traditional finance

Coinbase has been steadily expanding beyond its crypto roots. The company already offers derivatives, staking, and institutional custody services. Adding IPO access through Coinbase Capital Markets is the clearest signal yet that it views itself as a full-spectrum financial platform rather than a single-asset-class exchange.

Robinhood has been building out its equities and options business for years, and platforms like SoFi and Webull have their own IPO access features. Coinbase entering this space means the race to become the everything-app for retail investing just got another well-funded competitor.

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