Coinbase is opening IPO share allocations to US retail traders, letting eligible customers request shares at the offer price before a stock starts trading on the open market.

The feature debuts with Oura, the Finnish smart-ring maker that filed to list on the Nasdaq Global Select Market under the ticker OURA, with an IPO of up to 50M shares targeted at $40 to $44. Coinbase says requests may be filled in full, in part or rejected depending on demand, eligibility rules apply, and allocations are not guaranteed.

The move pushes Coinbase beyond crypto into traditional equity capital markets, putting it head-to-head with brokers like Robinhood and SoFi that have raced to give retail investors earlier access to IPOs.

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