Cryptocurrency public token sales on track to hit 5-year low in Q2 2026

May recorded 13 sales, raising $41 million, making it the weakest month since 2020, but June could be worse, with $2 million raised from four sales so far.

Public cryptocurrency sales raised just $58 million in the second quarter of 2026, according to data published by CryptoRank on June 10, an 85% decline from the previous quarter.

This means that this period is on track to become the weakest quarter for fundraising for ICOs, IDOs, and IEOs in five years.

Public fundraising is drying up via cryptocurrencies

CryptoRank data Show The first quarter of 2026 already looked weak, with about $390 million raised across 105 sales, but things deteriorated further in the second quarter.

The seriousness of the situation is clearer in the monthly distribution: April witnessed the collection of only $15 million through 20 sales, while May brought in about $41 million from only 13 sales, which represents the lowest monthly number since December 2020.

The month of June, which is still underway, has so far recorded only 4 sales that have raised about $2 million. To put that in context, January 2025 alone saw $654 million raised, and this quarter served as the peak of the cycle, with 429 sales raising just under $850 million. Since then, the market has lost more than 93% of its quarterly fundraising dollar volume.

However, the CryptoRank dashboard shows that public token sales raised more than $4 billion between the first quarter of 2024 and the second quarter of 2026.

At the time, IDOs had always been the dominant format, accounting for approximately 75% of all public sales. IEOs and ICOs respectively accounted for 18% and 7% of activity. However, all three formats contracted sharply during the quarter.

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Among the launch platforms, Coinlist is the largest in terms of capital raised, having transacted $1.37 billion. It’s followed by Fjord Foundry at $975 million, then Echo at $201 million, with Gate Launchpad and DAO Maker rounding out the top five.

Venture capital is still active

According to a May report by Galaxy Digital, crypto venture capital activity also slowed in the first quarter of 2026. In that period, private investors invested about $4 billion in 355 deals, or 50% He falls The report said about the previous quarter.

Galaxy Digital noted that the decline is mainly due to the lack of the massive late-stage rounds that dominated late 2025, but there are still some significant increases that have occurred recently. One example is the $355 million for Digital Asset Holdings raises In a new round led by Andreessen Horowitz, which came just one month after raising $300 million.

CryptoRank figures suggest that although capital is still available in cryptocurrencies, it is increasingly concentrated in fewer companies and private funding rounds rather than public token launches. This peaked when sentiment was at its strongest, but appears to have since tracked the broader market lows.

This can be seen from a previous report also published by CryptoRank Show Many projects funded between April and June 2025, when the cryptocurrency market was enjoying a rebound, ended that year trading well below their fundraising valuations.

This may explain why retail appetite for brand new launches in 2026 has dried up.