Koinly
Software that calculates crypto taxes across wallets, exchanges, and DeFi protocols.
On the record
Checkpoint: First tax season where exchanges report cost-basis under 1099-DA, testing Koinly's renewal rates
The call
Koinly makes money reconciling messy multi-wallet crypto activity, and its future rides on whether regulators and AI tools ever make that reconciliation automatic.
Koinly is software that connects to your crypto exchanges and wallets to automatically calculate what you owe in taxes, then files it for multiple countries at once. It is hard to copy today because it has built connections to 900+ exchanges and wallets and has figured out tax rules in 140 different places, but a new U.S. tax rule called Form 1099-DA will require exchanges themselves to report your cost basis directly to the IRS starting in 2025 and 2026. This means people who only use one exchange may no longer need Koinly, though people who own crypto across many wallets and platforms will still need help combining and organizing it all. The key thing to watch is whether Koinly keeps its paying customers and keeps them renewing after the new tax rules take effect in 2026 and 2027.
Why
01
AI pressure: CoinTracker or CoinLedger shipping AI-assisted reconciliation. A rival AI feature that auto-classifies messy DeFi transactions could pull multi-wallet users away from Koinly's manual-ish workflow. Could AI do the core job? Only partly.
02
Bigger players: IRS Form 1099-DA exchange-native reporting. Exchanges now report proceeds directly to the IRS, cutting the reason single-exchange users ever needed Koinly. Could a giant copy it? Probably.
03
What protects it. 900+ exchange/wallet connectors and DeFi reconciliation logic that single-venue 1099-DA reporting still can't replicate for multi-wallet users.
What would change this call
Koinly's paid-user renewal/conversion rates during 2026-2027 tax seasons. Whether IRS Form 1099-DA exchange reporting is eroding demand for single-exchange users.
CoinTracker or CoinLedger launches an AI-native reconciliation feature. Whether a peer is pulling ahead on automation and taking share from Koinly.
TurboTax or H&R Block builds in-house multi-venue crypto reconciliation. Whether a distribution partner turns into a direct competitor, cutting Koinly's funnel.
CoinTracker or CoinLedger launches an AI-native reconciliation feature. Whether a peer is pulling ahead on automation and taking share from Koinly.
TurboTax or H&R Block builds in-house multi-venue crypto reconciliation. Whether a distribution partner turns into a direct competitor, cutting Koinly's funnel.
Key numbers
- 2M+ users across 140+ countries
- 900-1000+ exchange and wallet integrations
- Pricing runs $49 to $279+ per year by transaction volume
Named risks
- IRS Form 1099-DA exchange-native reporting could erode need for Koinly among single-exchange users from 2026 onward.
- Reputational or regulatory exposure from December 2025 Mixpanel third-party data breach affecting user emails and names.
- Fragmented market with several close peers (CoinTracker, CoinLedger, TaxBit, ZenLedger) offering similar features.
- Conflicting public data on founding year, funding status and headcount undermines verifiability of company claims.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| CoinTracker | contesting | Cited as closest rival with strong mobile app and Coinbase sync, per comparison dated 2026-03-02 |
| CoinLedger | contesting | US-focused peer with strong TurboTax/TaxAct integration, per comparison dated 2026-07-08 |
| TaxBit | contesting | Listed as recurring co-leader peer in fragmented crypto tax software market, 2026 |
| ZenLedger | contesting | Listed as recurring co-leader peer in fragmented crypto tax software market, 2026 |
| Exchange-native 1099-DA reporting | gaining on | IRS-mandated exchange cost-basis reporting begins 2026, reducing reconciliation need for single-venue users |
Questions people ask
- Is Koinly profitable in 2026?
- Koinly describes itself as self-funded with no investors to answer to, per its own About page. ZoomInfo estimates its revenue at approximately $14.6 million as of July 2026. No independent profit/loss figures have been disclosed publicly.
- Who owns Koinly?
- Koinly says it is self-funded and independent, per its About page. However, third-party databases like CB Insights list KuCoin Labs as an investor in an undisclosed-amount round, creating a conflict with Koinly's self-funded narrative. It remains a private UK company.
- Could AI replace Koinly?
- Koinly's core work, transaction classification, cost-basis matching, and report generation, is structured data processing that AI models can potentially automate. As of July 2026 no evidence shows Koinly shipping a customer-facing generative-AI feature, a notable gap versus some fintech peers.
- Who is Koinly's biggest competitor?
- Koinly operates in a fragmented market with no single dominant winner. CoinTracker (strong mobile app and Coinbase sync, per a 2026-03-02 comparison) and CoinLedger (strong TurboTax/TaxAct integration, per 2026-07-08 coverage) are cited as closest direct rivals.
- Did Koinly have a data breach?
- Yes. On 2025-12-23 Koinly disclosed that a breach at third-party analytics vendor Mixpanel exposed user emails, names, coarse location and device data, but not wallet, transaction or tax data. OpenAI, CoinTracker and PornHub were also affected by the same vendor incident.
- How many users does Koinly have?
- Koinly's own About page claims 2M+ users across 140+ countries as of mid-2026. This is a vendor-claimed figure; the company has not published independently audited user metrics.
Timeline
- 2026-07-06ZoomInfo publishes revenue estimate of approximately $14.6 million for Koinly
- 2026-06-21Crustdata profile lists 2019 as Koinly founding year, conflicting with other sources
- 2026-06-04CB Insights profile lists 2018 as Koinly founding year
- 2026-03-30Koinly adds concentrated liquidity tracking for Solana DeFi positions
- 2026-01-01IRS per-wallet cost-basis rule (Rev. Proc. 2024-28) takes effect, replacing universal pooling
- 2025-12-23Koinly discloses Mixpanel third-party breach exposing user emails and names
- 2025-12Mixpanel breach also affects OpenAI, CoinTracker and PornHub industry-wide
- 2025IRS Form 1099-DA begins requiring exchanges to report gross proceeds for tax year 2025
Revision history
24 July 2026
First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- About us
- Products, Competitors, Financials, Employees, Headquarters Locations (2026-06-04)
- Koinly Stock Price, Funding, Valuation, Revenue & Financial Statements
- Koinly - Overview, News & Similar companies (2026-07-06)
- Free Crypto Tax Software
- Koinly - Headcount, Funding & Open Jobs (2026-06-21)
- Tax Plans and Pricing
- Koinly, Financial Services
- How to Use Koinly: Step-by-Step (2026-06-15)
- Product Updates (2026-03-30)
- Koinly Discloses Third-Party Breach Exposes User Emails (2025-12-23)
- A data breach at analytics giant Mixpanel leaves a lot of open questions (2025-12-04)