According to CryptoRank, projects raised just $58M through ICOs, IEOs, and IDOs in the Q2 of 2026. That’s down 85% from the previous quarter.
The number of public sales dropped 65%, falling from 105 to 37. May 2026 was the weakest month since December 2020, with just 13 token sales.
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The drop looks even steeper against the peak of the bear crypto cycle. In the Q1 of 2025, there were 429 public sales totaling $849M. Since then, disclosed funding has shrunk more than 14 times.
It’s not just about fewer launches, either. Projects are raising significantly less capital per sale, pointing to investor caution and weaker demand for new tokens.
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IDOs Still Dominate, but Selective Demand Remains
Despite the downturn, IDOs remain the dominant format, accounting for 68.6% of all public sales in 2026. IEOs made up 19.9%, and ICOs 11.5%.
Read more: Bitwise — Financial Advisors Prefer Stablecoins and Tokenization Over Bitcoin
Retail interest hasn’t completely evaporated. Jurassic Finance’s token sale drew about $15M in applications against a target raise of just $200K—a 75x oversubscription. That shows quality projects with low valuations can still generate hype.
Among projects that held sales earlier and have since launched via token generation events, analysts highlight CHIP by USD.ai, MEGA by MegaETH, and BLEND by Fluent. All have posted strong results even amid the current downturn in the crypto market, June 11.
Private Capital Stays Active: BlackRock and a16z Pour in Hundreds of Millions
As public offerings collapse, large institutional investors keep funding crypto projects through private rounds. Arc raised $222M with participation from BlackRock and a16z.
These deals show institutional appetite for crypto assets remains strong. But capital is concentrating in closed rounds with larger checks and longer time horizons.
Read more: Best Crypto Presales to Buy Now: 7 Early-Stage Tokens That Could Explode in June 2026
What to Expect: Public Token Sales May Lose Their Status as a Key Funding Mechanism
Since the start of 2024, all forms of public sales have disclosed $4B across 3,017 deals. But current trends paint a grim picture. Q2 2026’s $58M is nearly three times worse than Q2 2025’s $135M and six times worse than Q2 2024’s $375M.
CryptoRank analysts say that if the trend continues, public token sales will gradually stop being a primary capital source for crypto startups. Developers may increasingly choose private rounds or hybrid models—for example, presales for strategic investors followed by a listing on top crypto exchanges without a broad IDO.
The exceptions will be projects with very low initial valuations and strong communities that can generate oversubscription—like Jurassic Finance.
Learn more: Top Crypto Deals of 2026 That Shook the Market — Biggest Moves You Need to Know
