Coinbase Announces IPO Access for Retail Investors; Stock Hits Four-Month High
On September 21, Coinbase Global (COIN) shares reached a four-month high above $208 amid rising Bitcoin prices and improved sentiment in crypto-linked equities. The stock closed at $201.05 with a gain of 3.5%, following an 11.7% increase the previous day. Coinbase announced that eligible U.S. retail investors can now request IPO allocations directly through its app, expanding its services to include participation in initial public offerings. The feature will start with Oura (OURA), a smart-ring maker planning to raise up to $2.2 billion via an IPO on Nasdaq. Analysts responded positively: Clear Street raised its price target for COIN from $204 to $224, Bernstein reiterated a $330 Buy rating, and William Blair also maintained a Buy stance. The move aligns with Coinbase's strategy to diversify beyond crypto trading fees as it expands into new revenue streams.
Tickers: $COIN
Topics: Crypto Exchange Investor Access IPO Stock Rally