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As the cryptocurrency market transitions into the next phase of traditional finance, capital formation has resurged as a hot topic. According to Bitwise CIO Matt Hougan, Coinbase‘s new token sale platform, launched on November 10, symbolizes a resurgence of regulated public offerings (ICOs). This development may open the doorway to a new bull market cycle in 2026.
Coinbase’s New Platform Stirs the Crypto Community
In a note to investors, Hougan described capital formation as the fourth major revolution in the cryptocurrency ecosystem. He highlighted how Bitcoin 
$92,384 redefined gold, stablecoins redefined the dollar, and tokenization redefined securities trading, asserting that capital raising is now poised for a fundamental shift. According to him, blockchain has a unique ability to connect entrepreneurs and investors at lower costs and faster speeds compared to traditional public offerings.
Hougan recalled the unregulated ICO period of 2017-2018, which ended in failure but demonstrated a crucial truth: cryptocurrencies can facilitate rapid and direct capital transfers to projects. He noted the high commissions and limited investor access prevalent in traditional public offerings and suggested that blockchain-based models could eliminate these barriers.
Regulation Era and Expectations for 2026
The Bitwise executive emphasized that this time, the distinction lies in the legal framework and structural discipline. Hougan cited the supportive comments from Paul Atkins, Chairman of the SEC, regarding compliant token offerings. He noted that Coinbase’s platform is taking a leading role in this transformation by listing only one approved project per month and adhering to stringent rules such as transparency and insider sale prohibitions.
Hougan mentioned that the first token sale, featuring the Monad project, will occur from November 17 to 22, with the mainnet launch on November 24. He forecasted that billion-dollar new ICOs might surface by 2026, potentially transforming Coinbase into a hybrid of Charles Schwab, Goldman Sachs, and NYSE in the crypto space. Smart contract infrastructures like Ethereum 
$3,149 and Solana 
$139 are also expected to benefit directly from this rise.
According to Hougan, the return of regulated ICOs will bolster interest in cryptocurrencies. He articulated his view with the statement, “Stablecoins and tokenization have expanded the narrative of cryptocurrency. If billions are raised with new ICOs, the story will grow even further.”
