Public crypto token sales have raised just $58 million in Q2 2026, according to data published by CryptoRank on June 10, a drop of 85% from the previous quarter.
It means that the period is well on the way to becoming the weakest fundraising quarter for ICOs, IDOs, and IEOs in five years.
Public Fundraising Is Drying Up Across Crypto
CryptoRank’s data showed that Q1 2026 had already looked weak, with about $390 million raised across 105 sales, but things have deteriorated even further in the second quarter.
The severity of the situation is even clearer in the month-by-month breakdown: April saw just $15 million raised across 20 sales, while May brought in around $41 million from just 13 sales, marking the lowest monthly count since December 2020.
June, which is still in progress, has so far recorded just 4 sales that raised about $2 million. To put that in context, January 2025 alone saw $654 million raised, with that quarter serving as the cycle peak, as 429 sales raised just under $850 million. Since then, the market has shed more than 93% of its quarterly fundraising volume in dollar terms.
Still, CryptoRank’s dashboard shows that public token sales raised more than $4 billion between the first quarter of 2024 and the second of 2026.
In that time, IDOs were consistently the dominant format, accounting for nearly 75% of all public sales. IEOs and ICOs respectively made up 18% and 7% of activities. However, all three formats have contracted quite sharply this quarter.
Among launchpads, Coinlist is the largest by capital raised, having handled $1.37 billion. It is followed by Fjord Foundry with $975 million and Echo at $201 million, with Gate Launchpad and DAO Maker rounding off the top five.
Venture Capital Is Still Active
According to a May report by Galaxy Digital, crypto venture capital activity also slowed in Q1 2026. In that period, private investors put in some $4 billion in 355 deals, a 50% drop from the previous quarter, the report said.
Galaxy Digital noted that the decline was mainly due to a lack of huge late-stage rounds that had dominated late 2025, but there have still been a few large raises occurring recently. One such example is Digital Asset Holdings’ $355 million raise in a new round led by Andreessen Horowitz, which came just a month after it pulled in $300 million.
CryptoRank’s figures suggest that while capital is still available in crypto, it is increasingly concentrated in a smaller number of companies and private funding rounds rather than public token launches. Those hit their peak when sentiment was strongest, but they seem to have since tracked the broader market lows.
This can be seen from a previous report also published by CryptoRank that showed many of the projects that had been funded between April and June 2025, when the crypto market was enjoying a rebound, ended that year trading well below their fundraising valuations.
And that may explain why retail appetite for new launches has dried up so completely in 2026.
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