Payward Services, the business-to-business arm of Kraken parent Payward, has opened pre-IPO access to Oura, the health-intelligence company behind the Oura Ring, through its xStocks tokenized-equities framework. Eligible customers of Kraken and xStocks Alliance partners in more than 110 countries can now register non-binding indications of interest ahead of Oura’s Nasdaq listing under the ticker OURA, Payward said in its September 24 announcement.
A 1:1 token for a closely watched listing
On listing day, Oura shares will be tokenized as OURAx and distributed to investors who receive an allocation, with each token backed one-to-one by the underlying share and held in custody by a regulated entity. The indication-of-interest window carries an expected price range of $40.00 to $44.00 per share plus a 5% fee, and funds tied to an indication are reserved rather than charged until a final allocation is secured. All allocation decisions rest with Oura and its underwriters, and Payward does not guarantee access. Oura, founded in Finland and headquartered in San Francisco, sells a smart ring that continuously tracks more than 50 health metrics.
Kraken Pro joins the IPO pipeline
Oura is the fourth company to move through the xStocks IPO Access pipeline this year, following SpaceX, Bending Spoons, and Jersey Mike’s, and the offering marks the first time the program runs through Kraken Pro as well as the main Kraken app. The move extends Payward’s push to put tokenized equities on blockchain rails, building on its earlier partnership with GTN to launch tokenized equities via xStocks. It also echoes the demand seen when Bitget Wallet and xStocks opened SpaceX IPO access.
A global reach with hard geographic limits
Payward frames the product as dismantling an era when primary-market access was gated by geography, wealth, or a relationship with the right bank. “For decades, the biggest listings have been carved up in rooms most investors will never enter,” said Mark Greenberg, Payward’s chief commercial officer and global head of Payward Services. Since launching in June 2025, xStocks has grown to more than 800 tokenized assets and powered more than $40 billion in transaction volume across more than 400,000 holders. The IPO tokens remain unavailable to U.S. persons and residents of the United Kingdom, Canada, and Australia, and Payward stresses that registration is non-binding and does not guarantee an allocation.
