Oura stock is becoming a crypto story too

Oura is preparing to go public, and I think this IPO is interesting for more than one reason.

Most people know Oura because of the Oura Ring. It tracks sleep, heart rate, temperature, stress and recovery, then turns those signals into health insights inside the Oura app.

That sounds simple enough. But after looking at the company more closely, I think the more interesting part is what sits behind the ring.

Oura is slowly building a health platform around hardware, subscriptions and personal data.

As of June 2026, the company had around 5 million paid members. Revenue reached about $1.21 billion in the first nine months of the year, up 74% from the same period a year earlier. Oura also reported $60.8 million in net income.

The company is now preparing to list on Nasdaq under the ticker OURA, with an IPO price range of $40 to $44 per share. At the top of that range, its fully diluted valuation would be around $15.6 billion.

That is a large valuation for a company still widely seen as a smart ring maker.

I think that is exactly why Oura stock is worth watching.

The ring may only be the starting point

Oura still makes most of its money from hardware, but its subscription business is growing much faster.

Membership revenue more than doubled over the latest nine month period. Oura also reported a 12 month paid member retention rate of around 85%.

For me, this changes the way I look at the company.

A smart ring is a product. A health membership that people keep paying for every month is a relationship.

That relationship becomes more valuable when users keep wearing the device every day and continue adding years of health data to the same platform.

Oura says its members wear their rings for a median of about 23 hours per day. The company has already collected tens of billions of hours of longitudinal biometric data.

That could become increasingly useful as AI becomes more involved in personalized health.

The 72% number stood out to me

One number surprised me more than Oura's revenue growth.

Around 72% of Oura members are women.

Oura has expanded quickly into cycle tracking, fertility, pregnancy and menopause. These are areas where a wearable can become much more personal than a normal fitness device.

That gives Oura a different position from many products built mainly around exercise, steps or training performance.

A woman might buy the ring because she wants better sleep data. A few years later, she may be using the same platform for fertility, pregnancy or long term health monitoring.

That kind of relationship could be difficult for competitors to replace.

It also helps explain why Oura wants investors to see it as more than a hardware company.

Why crypto investors are suddenly part of the story

Oura itself has nothing to do with cryptocurrency.

The interesting connection comes from Coinbase.

Coinbase selected Oura as the first IPO available through its new IPO access service for eligible US users. That means a company known mainly for crypto trading is now helping its retail users access a traditional equity offering.

I find that development almost as interesting as the Oura IPO itself.

Crypto exchanges spent years competing over which tokens people could trade. Now the larger platforms are starting to compete for a much broader share of users' financial activity.

Stocks, prediction markets and IPOs are gradually moving closer to the same account that people once used only to buy Bitcoin.

Oura may simply be the first visible example.

For crypto investors, the important point is not that Oura is somehow becoming a crypto company. It is that crypto platforms are starting to become distribution channels for traditional financial assets.

The boundary between the two markets is getting less clear.

What I would watch after Oura starts trading

The growth story looks strong, but the valuation already assumes that Oura can keep expanding.

Hardware still represents roughly 80% of revenue. That means the company is not yet the subscription-driven health platform it may eventually want to become.

Competition is also serious. Apple, Samsung, Garmin, Fitbit and Whoop are all competing for the same relationship with consumers and their health data.

So after Oura stock begins trading, I would pay less attention to the first few days of price action and more attention to three numbers over the next few quarters.

Paid members, membership revenue and retention.

If those numbers continue to move in the right direction, investors may eventually stop thinking about Oura as a company that sells smart rings.

That would be the more interesting version of the Oura story.