CoinList
CoinList runs a compliant platform for token sales and crypto project launchpads.
On the record
Checkpoint: Whether Coinbase's token-sale product becomes a repeatable program and whether Superstate stays exclusive to CoinList
The call
CoinList built the playbook for compliant token sales, but Coinbase is now running the same playbook at a much bigger scale.
CoinList lets people buy new cryptocurrency tokens through a regulated website, and it has over 12 million verified users and has handled more than 1.2 billion dollars in sales. The problem is that being compliant and trustworthy is not hard for big competitors to copy, and Coinbase (which has 100 million users) already built its own token-sale product in 2025 that works almost the same way, plus Binance and other exchanges have their own launchpads that are much bigger. CoinList's newest idea is to help distribute tokenized stocks through a company called Superstate, but if Superstate decides to work with other platforms or go direct to customers, that plan falls apart.
Why
01
AI pressure: Coinbase's AI-native restructuring. AI automates KYC, allocation logic, and diligence writeups, letting bigger rivals run token sales cheaper and faster than CoinList. Could AI do the core job? Only partly.
02
Bigger players: Coinbase (Monad token sale, 2025), plus Binance Launchpad, KuCoin, Bybit. Coinbase copied CoinList's own sale format for Monad in 2025 and can out-distribute CoinList with 100M+ users. Could a giant copy it? Yes, easily.
03
What protects it. 12M+ KYC'd users and $1.2B+ lifetime raises give it a working, compliant track record that's hard to rebuild overnight.
What would change this call
Coinbase runs a second or third Launchpad token sale after Monad in 2026. Shows Coinbase turning Launchpad into a repeatable program that competes directly with CoinList.
Superstate signs a distribution partner besides CoinList or launches direct tokenized-IPO sales. Would remove CoinList's newest growth driver via disintermediation.
CoinList announces a new equity round, valuation markdown, or bridge financing. Would reveal whether investors still value CoinList at or above its 2021 $1.5B mark.
Superstate signs a distribution partner besides CoinList or launches direct tokenized-IPO sales. Would remove CoinList's newest growth driver via disintermediation.
CoinList announces a new equity round, valuation markdown, or bridge financing. Would reveal whether investors still value CoinList at or above its 2021 $1.5B mark.
Key numbers
- $95M+ sold across 21 token sales in 2025
- 12M+ verified users, $1.2B+ lifetime raised
- No new funding round since $100M Series A, Oct 2021
Named risks
- Superstate partnership dependency could be disintermediated if Superstate goes direct.
- Crypto market cap fell $1.6T from October 2025 peak, pressuring 2026 token-sale demand.
- No priced funding round since October 2021, leaving $1.5B valuation stale.
- Execution risk from November 2025 pledge to go fully non-custodial and on-chain.
- Regulatory reversal risk despite favorable 2025 SEC no-action stance and Clarity Act progress.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Coinbase | losing to | Coinbase shipped copycat token sale (Monad) in 2025 using CoinList's WalletConnect-pioneered format, with far larger user base |
| Binance Launchpad | losing to | Exchange-run launchpad dwarfs CoinList in distribution and volume as of 2026 |
| Superstate | contesting | Partner since April 2026 integration but could disintermediate by going direct or adding rival venues |
| Legion | contesting | Named among direct launchpad competitors in 2026 industry rankings |
| Republic | contesting | Named among direct launchpad competitors as of June 2026 |
Questions people ask
- Is CoinList profitable in 2026?
- CoinList has not disclosed profitability figures. It reported over $95M in token sales across 21 offerings in 2025, but no net income, margin, or profit data has been made public as of July 2026, making profitability unverifiable from available sources.
- Could AI replace CoinList's core business?
- Much of CoinList's workflow, including KYC/AML checks, allocation logic, and support, is automatable by AI, similar to what drove Coinbase's 14% AI-native workforce cut in May 2026. CoinList itself has disclosed no AI product moves as of July 2026.
- Who is CoinList's biggest competitor?
- Coinbase is CoinList's most dangerous competitor. In 2025 it launched its first token sale (Monad), explicitly copying CoinList's WalletConnect-pioneered sale format, and Coinbase has vastly larger distribution than CoinList's 12M+ verified users as of July 2026.
- Who owns CoinList?
- CoinList is privately held and venture-backed, legally operating as Amalgamated Token Services Inc. Its last priced round was a $100M Series A in October 2021 led by Accomplice and Agman, valuing the company at $1.5 billion.
- Has CoinList had layoffs?
- No CoinList-specific layoffs have been publicly reported as of July 2026. By contrast, rival Coinbase cut 14% of its workforce in May 2026 citing an AI-native restructuring, a move CoinList has not mirrored publicly.
- What is CoinList's newest product move?
- In April 2026, CoinList became the first third-party venue to distribute tokenized IPOs via Superstate's Opening Bell, using SEC-approved transfer-agent rails, expanding beyond crypto token sales into tokenized public equities.
Timeline
- 2026-04-23CoinList launches Superstate Opening Bell integration for tokenized IPO distribution
- 2026-01-22Partner Superstate closes $82.5M Series B led by Bain Capital Crypto
- 2025-12-22CoinList reports 21 token sales and $95M+ sold in 2025 year-in-review
- 2025-11-17CEO Raghav Gulati announces CoinList going fully non-custodial and on-chain
- 2025-09-11CoinList Alpha co-invests in $1.65B Forward Industries Solana treasury PIPE
- 2025-08-01CoinList Alpha launches as private accredited-investor portal for seed rounds
- 2025-01-22CoinList partners with AngelList on crypto SPVs and RUVs
- 2023-12-01CoinList Markets LLC settles with OFAC for about $1.2M over sanctions violations
- 2021-10-26CoinList raises $100M Series A, valuing company at $1.5 billion
- 2017-01-01CoinList founded, growing out of AngelList crowdfunding infrastructure
Revision history
21 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- The ups and downs of CoinList (2024-02-01)
- CoinList 2026 Company Profile
- CoinList Raises $100M Series A (2021-10-26)
- CoinList Stock Price, Funding, Valuation (2025-12-09)
- Creating The World's Leading Solana Treasury Company (2025-09-11)
- CoinList
- CoinList 2025: Year in Review (2025-12-22)
- CoinList Services Company Profile
- How Much Did CoinList Raise? (2025-05-22)
- The Next Evolution of CoinList (2025-11-17)
- AngelList, CoinList partner (2025-01-22)
- CoinList Expands Access to Equity Capital Formation (2026-04-23)