Crypto public token sales hit five-year low in Q2 2026

Crypto public token sales raised $58 million in Q2 2026 across initial exchange offerings (IEOs), initial coin offerings (ICOs) and initial DEX offerings (IDOs), a drop to the lowest quarterly total in five years, CryptoRank reported.

The number of public sales fell to 37 in Q2 from 105 in Q1, a 65% decline in deal count. Funds raised fell 85% quarter over quarter, from $390 million in Q1 2026 to $58 million in Q2.

Activity was especially light in May, when 13 token sales closed. That was the fewest monthly total since late 2020, when four public sales closed.

Year-over-year comparisons show the downturn continued. Q2 2026’s $58 million is down from $135 million in Q2 2025 and $375 million in Q2 2024. Sale counts also fell, from 576 in Q2 2024 and 255 in Q2 2025 to 37 in Q2 2026.

Quarterly totals slipped across recent quarters, moving from $482 million in Q4 2025 to $390 million in Q1 2026 and then to $58 million in Q2 2026.

IDOs were the most common format in 2026 so far, making up 68.6% of public sales. IEOs accounted for 19.9% and ICOs 11.5%. Since the start of 2024, disclosed public fundraising across IEOs, ICOs and IDOs has totaled about $4 billion across 3,017 sales.

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

The Q2 total is reported quarter-to-date and may change before final reporting closes.