Coinbase is expanding from crypto trading into primary financial markets by offering eligible U.S. retail customers access to IPO allocations through Coinbase Capital Markets, beginning with health-tech company Oura. Customers can submit requests after the expected price range is published and, if allocated shares, receive them at the IPO price before public trading starts. Oura filed its S-1 registration statement with the SEC on September 3 and plans to offer 50 million shares at $40 to $44 each, potentially raising about $2.2 billion and reaching a valuation of roughly $14 billion at the top end. Revenue reached $1.21 billion for the nine months ended June 30, 2026, up 74% year over year, while the company reported approximately 5 million paid members. Coinbase Capital Markets aggregates and routes orders through Apex Clearing Corporation without underwriting deals or holding inventory. Allocations may be full, partial or unavailable, depending on supply and demand. Oura shares are expected to trade on Nasdaq under the ticker OURA, with Goldman Sachs and Morgan Stanley leading the underwriting syndicate and Robinhood Securities participating as an underwriter for the first time in the process.