Crypto Public Token Sales on Track for 5-Year Lows in Q2 2026

Public crypto token gross sales have raised simply $58 million in Q2 2026, in response to knowledge printed by CryptoRank on June 10, a drop of 85% from the earlier quarter.

It implies that the interval is nicely on the way in which to changing into the weakest fundraising quarter for ICOs, IDOs, and IEOs in 5 years.

Public Fundraising Is Drying Up Across Crypto

CryptoRank’s knowledge showed that Q1 2026 had already appeared weak, with about $390 million raised throughout 105 gross sales, however issues have deteriorated even additional in the second quarter.

The severity of the state of affairs is even clearer in the month-by-month breakdown: April noticed simply $15 million raised throughout 20 gross sales, whereas May introduced in round $41 million from simply 13 gross sales, marking the bottom month-to-month rely since December 2020.

June, which continues to be in progress, has to this point recorded simply 4 gross sales that raised about $2 million. To put that in context, January 2025 alone noticed $654 million raised, with that quarter serving because the cycle peak, as 429 gross sales raised slightly below $850 million. Since then, the market has shed greater than 93% of its quarterly fundraising quantity in greenback phrases.

Still, CryptoRank’s dashboard reveals that public token gross sales raised greater than $4 billion between the primary quarter of 2024 and the second of 2026.

In that point, IDOs have been constantly the dominant format, accounting for practically 75% of all public gross sales. IEOs and ICOs respectively made up 18% and seven% of actions. However, all three codecs have contracted fairly sharply this quarter.

Among launchpads, Coinlist is the biggest by capital raised, having dealt with $1.37 billion. It is adopted by Fjord Foundry with $975 million and Echo at $201 million, with Gate Launchpad and DAO Maker rounding off the highest 5.

Venture Capital Is Still Active

According to a May report by Galaxy Digital, crypto enterprise capital exercise additionally slowed in Q1 2026. In that interval, non-public buyers put in some $4 billion in 355 offers, a 50% drop from the earlier quarter, the report mentioned.

Galaxy Digital famous that the decline was primarily attributable to a scarcity of big late-stage rounds that had dominated late 2025, however there have nonetheless been a couple of giant raises occurring not too long ago. One such instance is Digital Asset Holdings’ $355 million raise in a brand new spherical led by Andreessen Horowitz, which got here only a month after it pulled in $300 million.

CryptoRank’s figures recommend that whereas capital continues to be obtainable in crypto, it’s more and more concentrated in a smaller variety of firms and personal funding rounds somewhat than public token launches. Those hit their peak when sentiment was strongest, however they appear to have since tracked the broader market lows.

This will be seen from a earlier report additionally printed by CryptoRank that showed most of the tasks that had been funded between April and June 2025, when the crypto market was having fun with a rebound, ended that yr buying and selling nicely under their fundraising valuations.

And that will clarify why retail urge for food for new launches has dried up so fully in 2026.

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