Coinbase stock reached a four-month high on Monday as the company opened initial public offering access to eligible US retail investors. COIN briefly traded near $208 before closing around $201.
New IPO Access Feature
Coinbase customers can now request shares in companies before they begin trading publicly through a new section in the Coinbase app. The service launches with smart-ring maker Oura's IPO.
Eligible customers can submit requests once the expected price range becomes available. Those who receive an allocation will obtain shares at the official IPO price. However, placing a request does not guarantee an allocation.
Coinbase Capital Markets, the company's registered brokerage arm, provides the service. Apex Clearing will process and hold the shares. Customers purchasing through the platform are buying real company shares, not tokenized or crypto-linked versions.
Early-Sale Restrictions
Coinbase is implementing restrictions to discourage immediate resales of IPO shares. Customers who sell their allocation within 30 days may lose access to IPO offerings for the next 60 days. Those who repeatedly sell early could receive smaller or less frequent allocations in future offerings.
Oura IPO Details
Oura's latest SEC filing is for 50 million shares. The company will issue 13.5 million new shares, while existing shareholders will sell 36.5 million. An additional 7.5 million shares may be offered if demand is strong.
