Public token sale activity fell to its lowest level in four years in Q2 2026, with just 47 ICOs, IDOs, and IEOs raising a combined $40 million, according to data from CryptoRank. Compared with the cycle peak, capital raised declined over 95%, while deal volume fell over 90%.

📉 Public Token Sales: From Peak to Slowdown

Q2 2026 recorded just 47 #ICO, #IDO, #IEO, raising only $40M — the weakest quarter in four years.

Compared to the cycle peak:
• Capital raised: -95.3%
• Public sales: -90.5%

Public fundraising is no longer the primary funding… pic.twitter.com/ScKJyLscMF

— CryptoRank.io (@CryptoRank_io) July 1, 2026

Between July 1, 2022, and June 30, 2026, the public token fundraising market experienced a full market cycle, progressing from gradual recovery to rapid expansion before entering sustained contraction.

The strongest fundraising quarter occurred in Q1 2025, when projects raised $849 million, narrowly ahead of Q3 2025, which recorded $816 million. Meanwhile, the highest level of issuance activity was reached in Q2 2024, when 496 public token sales were completed.

Growth accelerated throughout 2024, beginning with Q1 2024, when 409 public sales generated $416 million. Although fundraising softened later that year, capital inflows rebounded sharply in early 2025, producing the largest quarterly raise of the cycle while remaining historically elevated through Q3 2025.

The data also shows that fundraising volume and capital raised did not move in lockstep. Q2 2024 recorded the highest number of public offerings, yet those 496 sales raised $341 million.

Meanwhile, Q1 2025 generated $849 million from only 428 sales, indicating substantially higher average raise sizes and more concentrated capital deployment.

Following the Q3 2025 peak, the market entered a sustained four-quarter decline in both fundraising activity and capital raised, ultimately culminating in the weakest quarterly performance of the entire review period and reinforcing the growing reliance on private funding over public token sales.