Coinbase Opens IPO Share Access to US Retail Traders, Oura First

This matters less as a product launch than as a structural shift in how allocations are distributed. Coinbase is inserting itself between retail demand and the institutional pipeline, which could pressure the traditional book-building model if request-based access scales. The immediate constraint is allocation: guaranteed requests are not, so the program's credibility rests on whether retail actually receives meaningful fills. Whether other exchanges follow, and how allocation fairness is disclosed, is the open question.