Coinbase Opens IPO Allocations to US Retail Traders

Coinbase IPO allocations are now available to US retail traders, expanding access to primary financial markets. Starting with Oura’s IPO this week, eligible customers can request shares at the offer price before open-market trading begins.

To request an allocation, users can navigate to the new IPOs page within the Coinbase app and select an active deal page. After funding their account to cover the cost of the requested shares, they can submit a “Conditional Offer to Buy” once the expected price range becomes public. Once the order book closes, available shares are allocated using an established methodology and booked directly into the account at the IPO price. Final allocations depend on underwriter supply and total customer demand, so requests may be filled in full, in part, or not at all. Users can edit or cancel their offer throughout the open period, though a price change above a set limit requires resubmitting the request to stay in the running. Shares become tradable on Coinbase as soon as public market trading begins for that stock.

Coinbase IPO allocations prioritize long-term investors

The Coinbase allocation algorithm prioritizes investors who believe in what they’re purchasing for the long haul. Selling IPO shares within the first 30 days may result in being barred from IPO participation for the following 60 days, with smaller and less frequent allocations given to those who repeat this behavior compared to investors who hold their IPO shares for longer durations.

Coinbase Capital Markets (CCM) serves as the FINRA-registered broker-dealer making this access possible. CCM participates in IPOs as a best-efforts selling-group member. In this role, the broker-dealer aggregates customer orders and routes them through clearing partner Apex Clearing Corporation. CCM acts purely as an agent on your behalf, meaning it does not underwrite deals, hold inventory, or take the opposite side of trades. CCM plans to offer more IPO opportunities over time as selling-group allocations become available.