Coinbase's Monad Token Sale Raises $90 Million, Falls Short of $187 Million Target

Coinbase launched its public token sale for Monad (MON) on November 17, 2025, aiming to raise $187 million in USDC through the offering of 7.5 billion MON tokens, representing 7.5% of the total supply. The sale is accessible in over 80 countries, including the U.S., and runs for 5.5 days, concluding on Saturday night.

In the first 23 minutes, the sale generated $43 million in commitments, but momentum slowed considerably afterward. As of six hours after launch, approximately $90.05 million had been raised, which is only about 45% subscribed, with over $100 million worth of tokens remaining unsold. Participants can bid between 100 and 100,000 USDC in this fixed-period offering, which reduces pressure for immediate participation compared to first-come, first-served models.

The sale contrasts sharply with MegaETH's token offering in October, which was oversubscribed by nearly 28 times, raising $1.39 billion against a $50 million target and achieving a hypothetical fully diluted valuation exceeding $27.8 billion. Monad's sale, however, faces criticism due to its $2.5 billion fully diluted valuation and high venture capital involvement, with over 20% of funding from VCs and team members and early investors holding 50% of the token supply. Community concerns, highlighted by staking provider Stakecito, point to these factors as potential deterrents for retail demand.

This event marks Coinbase's second token sale on its new platform, built after acquiring Echo, an onchain fundraising platform. It represents a shift in U.S. regulatory alignment, being the first compliant public token sale since the 2017-18 ICO boom, and could influence future offerings, with Coinbase planning approximately one sale per month.