Coinbase Adds IPO Shares to Its Expanding 'Everything Exchange' Platform
Article excerpt
Coinbase is offering eligible US retail investors the opportunity to access IPO allocations via its app, starting with Oura. This expansion adds primary market shares to a platform that already combines cryptocurrencies, stocks, derivatives, and prediction markets. Eligible US retail investors can now request shares at the IPO price before public trading begins via the cryptocurrency platform Coinbase (Nasdaq: COIN). The company announced the launch of this IPO share allocation feature on September 21, extending its stock business beyond the secondary market to the primary market, where companies initially sell their shares to investors. This feature is launching with smart ring manufacturer Oura, which has filed to list its common stock on the Nasdaq Global Select Market under the ticker OURA. The company's S-1 filing with the Securities and Exchange Commission on September 3 names Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co., and Jefferies among the lead underwriters for the offering. Coinbase had previously opened US stock and exchange-traded fund (ETF) trading to its eligible customers, giving them access to over 8,000 securities, fractional shares, and 24/5 trading. IPO allocations bring the company into an early phase of its stock market lifecycle, offering individuals the opportunity to buy shares before they go public. Customers wishing to obtain an...
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The brokerage firm aggregates customer orders and routes them through Apex Clearing Corp., which provides execution, clearing, and custody of securities.
