Public cryptocurrency fundraising has collapsed to a five-year low, according to recent data. The second quarter of 2026 saw only $58 million raised from public token sales, an 85% drop from the previous quarter. This makes it the weakest quarter for ICOs, IDOs, and IEOs since 2021, with June raising a mere $2 million so far.
Data published on June 10 shows public crypto token sales raised just $58 million in Q2 2026. This represents an 85% decline from the previous quarter and marks the weakest fundraising period in five years.
The month-by-month breakdown reveals a stark trend. April saw $15 million from 20 sales, while May recorded 13 sales raising $41 million, making it the weakest month since 2020.
June could be worse, with $2 million raised from four sales so far. To put this in context, January 2025 alone saw $654 million raised during the cycle’s peak.
Between Q1 2024 and Q2 2026, public token sales raised more than $4 billion. In that time, IDOs were the dominant format, accounting for nearly 75% of all public sales.
Venture capital activity also slowed in Q1 2026. A May report noted private investors deployed $4 billion in 355 deals, a 50% drop from the previous quarter.
The decline was attributed to a lack of huge late-stage rounds. However, large raises still occur, such as Digital Asset Holdings securing $355 million in a round led by Andreessen Horowitz.
Capital remains available but is increasingly concentrated in private funding. Public token launches have tracked broader market lows since their peak.
A previous report showed many projects funded during the 2025 rebound ended the year trading below their fundraising valuations. This may explain why retail appetite for new launches has dried up completely in 2026.
