Crypto public token sales head for five-year low in Q2 2026

Public crypto token sales are heading for their weakest quarterly fundraising result in five years after raising just US$58 million so far in Q2 2026.

CryptoRank data published on 10 June showed that public fundraising has fallen 85% from the previous quarter.

The sharp decline covers initial coin offerings, initial decentralised exchange offerings and initial exchange offerings.

Q1 2026 had already shown weakness after projects raised about US$390 million across 105 public sales.

Conditions worsened further in Q2 as public token launches struggled to attract retail and market interest.

April recorded only US$15 million in fundraising across 20 public token sales.

May brought in around US$41 million from 13 sales, marking the lowest monthly sale count since December 2020.

June has so far recorded just four sales with about US$2 million raised.

The slowdown marks a major reversal from January 2025, when public token sales raised US$654 million in a single month.

Q1 2025 was the recent cycle peak, with 429 sales raising just under US$850 million.

Since that peak, public crypto fundraising has dropped by more than 93% in quarterly dollar terms.

CryptoRank’s dashboard still shows that public token sales raised more than US$4 billion between Q1 2024 and Q2 2026.

Initial decentralised exchange offerings remained the leading public sale format during that period.

IDOs accounted for nearly 75% of all public token sales tracked by CryptoRank.

Initial exchange offerings made up 18% of activity, while initial coin offerings accounted for 7%.

All three sale formats have contracted sharply in the current quarter.

CoinList ranked as the largest launchpad by capital raised, handling US$1.37 billion in public token sales.

Fjord Foundry followed with US$975 million, while Echo ranked third with US$201 million.

Gate Launchpad and DAO Maker completed the top five launchpads by capital raised.

Private crypto funding has also slowed, although venture capital remains active in selected areas.

A May report from Galaxy Digital said crypto venture capital activity fell in Q1 2026.

Galaxy Digital said private investors put about US$4 billion into 355 deals during the quarter.

That represented a 50% drop from the previous quarter.

The firm said the decline mainly reflected fewer large late-stage funding rounds compared with late 2025.

Large private raises have still continued, including Digital Asset Holdings’ US$355 million round led by Andreessen Horowitz.

That raise came about one month after Digital Asset Holdings secured US$300 million in separate funding.

The figures suggest capital has not disappeared from crypto but has shifted toward fewer companies and private deals.

Public token launches appear to be feeling more pressure as retail investors become more cautious.

CryptoRank previously reported that many projects funded between April and June 2025 later traded below their fundraising valuations.

That weak post-launch performance may help explain why retail demand for new crypto sales has dried up in 2026.