WuBlockchain
CryptoRank data shows Q2 2026 shaping up as the worst quarter for public token sales in five years. IEO, ICO and IDO fundraising totaled just $58 million through the quarter, down 85% quarter-on-quarter, while the number of public sales fell from 105 in Q1 to 37 in Q2, a 65% decline.
Only 13 token sales were recorded in May, the lowest monthly level since December 2020, when just four sales took place. The public fundraising market previously peaked in Q1 2025, with nearly $849 million raised across 429 sales, and has continued to lose momentum since.
Why it matters
The drop-off marks a near-total reset of the public-sale pipeline that re-ignited during the 2024–2025 cycle. With fewer token sales clearing and capital raised per sale collapsing, the data points to a fundraising chill that goes beyond price action — issuers, VCs, and launchpads are pulling back on issuance into retail.
Market impact
Retail-facing token launches have historically been a leading indicator of cycle enthusiasm; when the pipeline thins to a handful of deals a month, the implication is that early-stage capital is staying private or moving off-platform entirely. Watch the monthly sales count — a sub-15 print in June would confirm the five-year low trajectory.
Frequently asked questions
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How bad was Q2 2026 for ICO and IDO fundraising?
Public token sales raised just $58 million in Q2 2026, down 85% quarter-on-quarter, according to CryptoRank. The number of public sales fell from 105 in Q1 to 37 in Q2.
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How many token sales happened in May 2026?
CryptoRank recorded only 13 token sales in May 2026, the lowest monthly level since December 2020, when four sales took place.
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When did the public token sale market last peak?
The public fundraising market peaked in Q1 2025, with nearly $849 million raised across 429 token sales, according to CryptoRank.
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What types of public token sales does CryptoRank track?
CryptoRank's data covers IEO, ICO, and IDO sales — the three main formats for retail-facing token issuance.
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What does a collapse in public token sales signal?
Historically, a thinning pipeline of public token sales is a leading indicator that early-stage capital is rotating private or moving off-platform, often preceding broader cooling in retail-driven cycle phases.
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