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.