CoinList 2025: Year in Review
2025 was the year ICOs returned in force. As more players entered the ICO market and the landscape grew noisier, CoinList remained at the forefront, setting the standard for how token sales should be run.
Here’s what we accomplished, and where we’re going next.
1. We 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).
2. We brought token sales back to the US
We 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.
3. We redefined token distribution with “Filling Up From the Bottom”
We 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 pioneered this model in its massively oversubscribed 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.
4. We introduced 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.
5. We announced our move onchain
In November, we announced that CoinList is going fully non-custodial and onchain. We’re simplifying the product to focus on one thing we’ve always done best: giving people access to top-tier token sales and delivering tokens directly into wallets they control. As we’ve already seen with the Aztec sale, the market is shifting toward verifiable, onchain finance where users hold their own keys, and we’re meeting that demand by becoming more crypto-native and closer to our users.
Soon, every CoinList account will come with a non-custodial wallet, putting all assets fully under your control. And when you join a CoinList sale, distributions will go straight to that wallet. No intermediaries, no delays, cypherpunk approved.
We wish everyone a fantastic holiday season and a happy new year!
CoinList
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This blog post is being distributed by Amalgamated Token Services Inc., dba “CoinList,” or one of its subsidiaries. CoinList does not provide, and this post shall not be construed as, investment, legal or tax advice. This blog post and use of the CoinList website is subject to certain disclosures, restrictions and risks, available here.