Q2 2026 Could Mark the Worst ICO/IDO Quarter in the Last 5 Years

The number of token sales also fell significantly. After recording 105 public sales in Q1'26, the market saw only 37 sales in Q2'26, a 65% quarter-over-quarter decline.

One of the most striking data points came from May 2026, when only 13 public token sales were completed. This was the lowest monthly figure since December 2020, when just 4 sales were recorded.

The contrast with last year's peak is remarkable. In Q1'25, the market reached its strongest quarter of the current cycle:

• $849M raised
• 429 public token sales

Since then, disclosed fundraising volumes have fallen by more than 14x.

Importantly, the decline is not only about the number of launches. Projects are also raising significantly less capital through public offerings, suggesting a more cautious investor environment and reduced demand for newly issued tokens.

If this trend continues, public token sales may gradually cease to be one of the primary fundraising mechanisms for crypto startups.