CoinList claims that 2025 was the year ICOs or so-called initial coin offerings returned in force. As more players entered the ICO market and the ecosystem grew noisier, CoinList says that it remained at the forefront, setting the standard for how token sales should be carried out. The digital assets platform shared what they claim to have accomplished, and where they’re going next as we close out the current year and head into 2026 and beyond.
- CoinList ran 21 token sales, selling over $95M worth of tokens: CoinList ran token sales for 21 projects in 2025: Aligned, WalletConnect, Obol, Redacted, Mocaverse, Arcium, Fleek, Acurast, Enso, DoubleZero, Pipe, OneFootball, Bitlayer, PublicAI, Intuition, Tea, 375ai, Immunefi, Reya, Aztec, and Rainbow.
- More than $95M in tokens were purchased by 70,000+ investors across 110 countries, and 18 of 21 sales (86%) were oversubscribed. Many went on to have highly successful TGEs, including WalletConnect (6.74x ATH), DoubleZero (17.04x), and Intuition (7.73x).
- CoinList brought token sales back to the US: They officially brought token sales back to the United States with our new token sale product for accredited investors. American investors were once at the center of compliant token sales, but since 2019 they’ve been shut out of early access to many of the industry’s most important projects, even as the global crypto market cap (ex-BTC) grew 18x.
- Regulatory momentum is clearly turning: the SEC issued a no-action letter indicating DoubleZero’s 2Z token was not a security, and new legislation like the Clarity Act is moving through Congress. With many 2025 CoinList sales like DoubleZero, Pipe, Aztec, and Rainbow accessible to U.S. users, we’re excited to keep expanding opportunities for American investors in 2026.
- CoinList says that they redefined token distribution with “Filling Up From the Bottom: They introduced a new token allocation strategy called Filling Up From the Bottom, designed to maximize broad distribution and limit concentration among large buyers. The mechanism maximizes the number of individual participants by ensuring every user receives the same baseline allocation (and up to their maximum), while preventing whales from gaining outsized allocations simply because they have more capital.
- WalletConnect enabled this model in its CoinList sale in February, and most of our 2025 sales have followed suit. It’s been validating to see other major players adopt Filling Up From the Bottom, including Coinbase’s first token sale this year with Monad.
- Introduction of CoinList Alpha: In August, we introduced CoinList Alpha, a private portal that gives accredited investors access to curated private offerings from seed rounds to private placements in treasury companies.
- Until recently, private placement opportunities like these have been reserved for VCs and institutions. Alpha opens the door for a wider network of accredited investors to access startup deals at every stage, from pre-seed, to pre-TGE, to pre-IPO.
2025 deals on CoinList Alpha included “the FORD Solana DAT backed by Multiecoin, Jump, and Galaxy, the BREA Solana DAT backed by Ark Invest, and Flying Tulip backed by Andre Cronje.”
ConList also announced their move onchain.
In November, they announced that CoinList is going “fully non-custodial and onchain.”
They are simplifying the product to focus “on one thing they’ve always done: giving people access to token sales and delivering tokens directly into wallets they control.”
As they have seen with the Aztec sale, the market is “shifting toward verifiable, onchain finance where users hold their own keys, and they’re meeting that demand by becoming more crypto-native and closer to users.”
Soon, every CoinList account will come with a non-custodial wallet, putting all assets “fully under your control.”
And when people join a CoinList sale, distributions will go “straight to that wallet.”
As clarified in the latest update from the digital assets focused platform, there will be “no intermediaries, no delays, cypherpunk approved.”