Coinbase has expanded its push beyond crypto by giving eligible US customers access to IPO shares at the offer price before public trading begins.

The first offering available through the service is smart-ring maker Oura, which is seeking to sell 50 million shares at an expected price of $40 to $44 each. That range would value the IPO at between $2.0 billion and $2.2 billion.

The company's registration statement says an unspecified portion of the offering will be available to retail investors through Coinbase Capital Markets at the IPO price. Neither Oura nor Coinbase disclosed the size of the allocation.

Participation requires a Coinbase Capital Markets brokerage account and is currently only available to US residents.

Eligible customers can submit a Conditional Offer to Buy through Coinbase's web or mobile platforms once an expected IPO price range is available. Customers must fund their brokerage accounts to cover the requested purchase.

The offer is just a request, not a guaranteed purchase. Coinbase says it receives a limited number of shares for each IPO, so customers may receive all, some, or none of the shares they requested, depending on supply and demand. Offers can be canceled or changed while the order window remains open.

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Once the order book closes, allocated shares are booked to customers' brokerage accounts at the IPO price. The shares become tradable when public-market trading begins.