Coinbase and Kraken Build Two Routes Into the Same Ōura IPO

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• Coinbase customers can request conventional Ōura shares through a U.S. brokerage account.
• Payward plans to use an IPO allocation to back ŌURAx 1:1 for eligible international investors.
• Coinbase discourages rapid selling of allocated shares, while xStocks emphasizes portability across supported blockchain infrastructure.

Ōura’s upcoming Nasdaq IPO is giving Coinbase and Kraken a chance to test two different ways of extending retail access to newly listed companies.

Coinbase is offering eligible U.S. customers the ability to request Ōura common shares before public trading begins. Payward Services, which operates Kraken, is aggregating demand for the same IPO across Kraken and the xStocks Alliance, but successful participants will ultimately receive ŌURAx, a tokenized instrument backed by underlying shares.

The distinction determines more than where the assets trade. It changes what investors own, where the products can be offered and what rights come with them.

Coinbase Keeps the Traditional Share Structure

Coinbase’s model starts inside conventional U.S. securities infrastructure.

Its IPO service operates through Coinbase Capital Markets, a FINRA-registered broker-dealer. Eligible customers can submit a Conditional Offer to Buy directly through Coinbase before an IPO is priced.

More access, for more people.

IPOs are now on Coinbase, and the first offer is @ouraring.

Request an allocation directly in the app, before public trading begins.

Open through the weekend, until September 29 at 4:00 PM ET.

— Coinbase 🛡️ (@coinbase) September 25, 2026

Ōura is its first offering, with requests open through September 29 at 4 p.m. ET, according to Coinbase’s announcement.

Customers need sufficient cash in their brokerage account to cover their request at the top of the expected IPO range plus a 20% buffer. An order does not guarantee shares because the final allocation depends on demand and availability.

The important legal point is straightforward: customers receiving an allocation get Ōura common stock, not a blockchain representation of it.

Coinbase is therefore changing the interface through which retail investors reach an IPO without changing the security at the end of the transaction.

It is also targeting a specific type of investor.

Coinbase says selling allocated shares within 30 days can prevent a customer from participating in another IPO for 60 days. Repeated early selling may result in smaller or less frequent allocations in subsequent offerings.

Customers remain free to sell. The consequence applies to future IPO access rather than the existing shares.

Payward Converts Its Allocation Into ŌURAx

Payward is using the same IPO to construct a different product.

Eligible Kraken and xStocks Alliance customers can submit non-binding indications of interest within Ōura’s expected $40 to $44 IPO range. Payward aggregates those requests and seeks shares through the underwriting syndicate.

If it receives an allocation, the shares are intended to provide 1:1 backing for ŌURAx.

Payward says the product can then be distributed through participating xStocks platforms and moved to compatible self-custodied wallets and onchain applications. The service carries a 5% fee for allocated orders.

The legal distinction is important.

Payward’s disclosures describe xStocks as tokenized debt securities. For investors in the European Economic Area, the instruments provide economic exposure to the referenced equity without direct ownership of the underlying shares, voting rights or dividend rights.

That makes the two products easier to distinguish:

The $2.2 Billion Offering Sits Under Both Products

Whatever interface investors use, both programs ultimately depend on Ōura’s conventional IPO.

The smart-ring maker plans to offer 50 million shares at $40 to $44 each. Ōura itself is selling 13.5 million shares, while existing shareholders are offering another 36.5 million.

At $44, that puts the base offering at $2.2 billion.

Ōura has applied to list on the Nasdaq Global Select Market under OURA. Its amended registration statement shows $1.215 billion in revenue for the nine months through June 30, 2026, up from $697.6 million in the comparable period a year earlier. Net income was $60.8 million.

Those numbers make the IPO a substantial first test for Coinbase’s new distribution channel and a prominent addition to Payward’s IPO Access program.

The Difference Is What Happens After Allocation

The comparison ultimately comes down to the final step.

A successful Coinbase participant ends the process with shares of the company preparing to trade on Nasdaq.

Coinbase has modernized the route into the allocation but kept the conventional ownership structure.

Payward inserts another layer. Its underlying allocation supports a separate tokenized security designed for distribution and transfer through crypto infrastructure.

That creates two different versions of broader IPO access from a single public offering.

Coinbase is putting IPO shares inside a crypto app. Payward is turning an IPO allocation into an onchain financial product.

And Ōura will provide an unusually direct test of both approaches when its shares begin trading.