Coinbase is moving further away from being “just a crypto exchange.” The company has opened IPO participation to eligible U.S. retail customers, with Oura becoming the first offering. Users can request shares at the IPO price before they begin trading publicly, although allocations can be full, partial or zero depending on demand and available shares.  That distinction matters. Coinbase already lets users trade crypto, stocks and ETFs. Now it's stepping into the primary market, giving users access to an asset before it reaches the secondary market. That's the logic behind its “Everything Exchange” strategy. The long term vision is becoming clearer: Issue the asset. Distribute it. Let users trade it. Eventually bring more of the lifecycle onchain. And Coinbase isn't making this move in isolation. The SEC recently introduced a five year exemption framework for certain tokenized securities, potentially making the bridge between traditional equities and blockchain infrastructure even more important. The interesting question isn't whether Coinbase wants to compete with crypto exchanges anymore. It's whether Coinbase is trying to become a financial market in a single interface. Crypto was the entry point. The bigger business may be everything else. $COIN #BTC Price Analysis# $BTC #Meme Alpha#