Crypto Public Sales Head for Worst Quarter in 5 Years, CryptoRank Says

Crypto public token sales are on track for their weakest quarter in five years, with just $58 million raised across Initial Exchange Offerings (IEOs), Initial Coin Offerings (ICOs), and Initial DEX Offerings (IDOs) in Q2 2026.

The figure marks an 85% drop from the prior quarter, highlighting a sharp decline in capital flowing through public token fundraising channels.

A Public Fundraising Market in Retreat

The number of public sales fell to 37 in Q2, down 65% from 105 in Q1, according to CryptoRank data. May proved especially quiet.

Only 13 token sales closed during the month. That was the lowest monthly figure since late 2020, when just 4 sales occurred. The $58 million raised marks the smallest quarterly haul in CryptoRank’s dataset.

“After peaking in Q1’25 with nearly $849M raised across 429 sales, the public fundraising market has been steadily losing momentum,” the post read.

Crypto IEO, ICO, and IDO Fundraising Falling in Q2 2026. Source: X/CryptoRank

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How Q2 Stacks Up Against Prior Years

The trend becomes even clearer when compared with previous years. Q2 2025 raised $135 million, and Q2 2024 drew $375 million.

Against those marks, Q2 2026 is down 57% from a year earlier and 85% from two years earlier. Sales counts fell even faster, dropping from 576 in Q2 2024 and 255 in Q2 2025 to just 37 this quarter.

The recent slide runs across quarters, too. Raises dropped from $482 million in Q4 2025 to $390 million in Q1 2026 and $58 million in Q2.

Despite the slowdown, IDOs remained the dominant fundraising format, accounting for 68.6% of public sales in 2026. IEOs accounted for 19.9%, while ICOs accounted for the remaining 11.5%.

Disclosed fundraising has reached $4 billion across 3,017 sales since the start of 2024. With Q2 still quarter-to-date, the final tally could shift, but it sits at a multi-year low for now.

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