TREE NEWS update: Eligible users can now apply for IPO shares at the offering price through Coinbase Capital Markets, the exchange’s licensed broker-dealer, ahead of Oura’s Nasdaq debut. The smart-ring maker said in an updated prospectus that it plans to sell 50 million shares at $40-$44 each under the ticker OURA, implying a valuation of about $13.5 billion at the midpoint.
Coinbase Opens IPO Subscription, First Deal Is Oura Smart Ring
The significance is structural rather than deal-specific: Coinbase is using its licensed broker-dealer to push retail allocation into primary offerings, a role traditionally held by incumbent brokerage platforms. That matters for the competitive positioning of exchange-native capital markets, and for whether IPO access via crypto-adjacent rails becomes routine. The open question is whether this first subscription is a one-off headline or the start of a repeatable pipeline; the Oura pricing range and final demand will be the first real read on that.
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