Coinbase stock rallies to a four-month high as the exchange launches retail IPO access, starting with the Oura offering, while diversifying revenue streams beyond crypto trading.
COIN rallied to a four-month high on IPO access expansion and analyst price target raises, with Bitcoin's rise as a tailwind.
Bitcoin traded near an eight-month high, improving sentiment across crypto-linked equities like Coinbase.
Oura's upcoming IPO on Nasdaq via Coinbase's app could raise up to $2.2 billion, marking a new business line for Coinbase.
Coinbase shares climbed to a four-month high of $208.33, bolstered by a rally in Bitcoin and the launch of a new IPO access service. The exchange now allows U.S. retail investors to request allocations in initial public offerings, starting with the upcoming $2.2 billion Oura listing, as the company pivots to diversify revenue beyond traditional crypto trading fees.
Eligible U.S. retail investors can submit a 'Conditional Offer to Buy' for IPO shares through the Coinbase app once the expected price range is public, with allocations subject to supply and demand.