ICO Statistics 2025: Market Size, Success Rates, Failures & Fundraising Insights

Despite changing regulations and the rise of alternative fundraising models, Initial Coin Offerings (ICOs) continue to play a significant, if evolving, role in the crypto funding ecosystem. While the hype cycles of 2017 and 2018 are behind us, new data shows that ICOs are far from dead. In fact, 2025 is seeing renewed interest from founders, investors, and even regulators, driven by smarter token design, improved KYC/AML compliance, and greater demand for retail-accessible fundraising.

This isn’t just another generic roundup. This page curates the most relevant, recent, and vetted statistics about ICOs — from success rates and token sale trends to regulatory patterns, security incidents, and investor sentiment. Whether you’re planning to launch a crypto project, evaluate an ICO for investment, or simply trying to understand how this funding model is evolving, these insights will help you cut through the noise.

A few things to keep in mind: ICOs remain high-risk. Historical data shows that more than half of ICO-funded projects never make it past their first year, and up to 90% ultimately fail. But for the ones that do succeed, the upside, both in funding velocity and global reach, can be massive.

We’ve broken down the data into clear thematic sections: fundraising volumes, survival rates, regulatory insights, investor behavior, and more. Each stat is followed by a brief, contextual commentary and its original source so you can dig deeper if needed.

Let’s get into the numbers.

Fundraising Volumes and Market Growth

1. Global ICO Fundraising Hits $20 B by October 2018

Between early 2017 and October 2018, ICOs pulled in about $20 billion worldwide—$7 billion in 2017 and $12 billion in 2018. This surge shows how token sales went from niche experiments to major funding rounds, but it also raises questions about whether such rapid growth was built on solid fundamentals.

2. Ethereum Hosts Over 90 % of 2018 ICOs, Raising $14 B+

In 2018, projects overwhelmingly turned to Ethereum for token launches, with more than 90 % of ICOs using its smart contracts and raising over $14 billion. That concentration highlights both the ease of building on Ethereum and the risks of crowding too many bets onto one platform.

3. ICO Funding Skyrockets to $6.9 B in Q1 2018 Before Tanking

ICO monthly raises jumped from just $10 million in early 2017 to $6.9 billion in Q1 2018, only to collapse back to $0.2 billion by mid-2019. This roller-coaster ride reflects how hype can drive huge inflows—and how quickly sentiment can shift when outcomes disappoint.

4. 2017 ICO Market Grows Nearly 100×, From $36 M to $3.7 B in Q4

ICOs leaped from $36 million in Q1 2017 to $3.7 billion by Q4, totaling $5.6 billion that year. This dramatic rise shows how token sales moved from fringe crowdfunding to headline-grabbing launches in just a few months.

5. Top Three ICOs Raise $1.2 B by September 2017

By September 2017, Filecoin ($250 M), Tezos ($232 M), and EOS ($183 M) had driven total ICO proceeds past $1.2 billion. These standout successes illustrate how a handful of big names can shape an entire funding wave.

6. ICO Market Climbs from $6.3 B in 2017 to $79 B by 2023

From roughly $6.3 billion in 2017 to over $79 billion in 2023, ICOs have proven resilient across bull and bear cycles. This long-term growth suggests token sales remain a key option for projects, despite periodic pullbacks.

7. ICO Investments Rebound Above $30 B in 2021

After a slowdown in 2019 and 2020, ICO fundraising bounced back to more than $30 billion in 2021. This revival points to renewed trust in token sales and the impact of DeFi and NFT trends in drawing fresh capital.

8. Token Sales Raise $6.5 B in 2022 Amid Market Headwinds

Even with tougher rules and economic worries, ICOs still pulled in over $6.5 billion in 2022. This steady funding shows that many projects and investors continue to find token launches an appealing way to raise money.

9. ICOs Make Up 18.4 % of Public Token Sales (2014–2023)

Across 2014 to 2023, ICOs accounted for 18.4 % of all public token sales, underlining their role as a major channel for launching digital assets even as new funding models emerge.

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Investor Returns and Underpricing

10. Average ICO Investor Return of 179% in Two Weeks

Most ICO backers saw a quick boost, earning 179% on average from token sale close to first exchange listing over just 16 days. This jump underscores both underpricing strategies and short-term trading dynamics in early token markets.

11. 82% Abnormal Returns Signal High Early Profits

Beyond the broader crypto market, ICO participants captured an extra 82% return on average before the initial listing day, highlighting how information asymmetry and launch incentives can favor early supporters.

12. U.S. ICOs Underpriced by 123% at Launch

Tokens sold in American ICOs started at prices that were 123% below their first trade levels, reflecting a deliberate underpricing approach but also pointing to the risk of sharp corrections once broader investors jump in.

13. Tokens Exhibit 170% Annualized Volatility Post-ICO

In their first six months of trading, ICO-launched tokens swung wildly, showing 170% annualized volatility—far above most established cryptocurrencies—emphasizing extreme price risk after the initial offering.

Failure and Survival Rates

14. Over Half of ICOs Fail to Raise Enough Funds

Many ICOs never get off the ground, with over 50 % failing to secure their target and shutting down. The study also highlights that 20 % of white papers involved fraud or scams, and phishing or hacking drained 15 % of crypto assets by market cap during the ICO boom.

15. 64 % Failure Rate Even Among Top-Rated ICOs

Between 2015 and February 2020, roughly 64 % of 5,384 ICOs failed outright, and even those in the top analyst-rating quartile saw a 53.6 % failure rate. This suggests that high ratings alone don’t safeguard against project collapse in a high-risk market.

16. Two-Thirds of Token Sales Miss Goals

Out of 5,470 ICO campaigns completed by November 2019, only 1,785 met their objectives, leaving a 67 % overall failure rate. This underlines how challenging it is for token issuers to deliver on promises and justify investor confidence.

17. Less Than Half of ICO Startups Survive Three Months

Early momentum often fades quickly: only about 44.2 % of ICO-backed ventures are still operating three months after their token sale, while 56 % collapse within four months. This rapid dropout highlights the importance of post-ICO execution.

18. Up to 90 % of ICOs Suffer Major Losses in Six Months

Within six months, total or significant losses hit as many as 90 % of ICOs, compared to just 23 % for traditional IPOs. This stark contrast underscores the much higher risk profile inherent to token sales.

19. 81 % of ICOs End as Scams or Defunct within One Year

A 2023 industry review found that the vast majority of token sales never make it: 81 % of ICOs ended up as scams, failures, or defunct projects within a year of their launch, underlining how risky and unregulated the market can be.

20. Nearly 25 % of ICOs Collapse in Under Two Years

Long-term sustainability is rare: almost a quarter of all ICOs fail in less than two years, showing that initial funding success doesn’t guarantee project longevity or ongoing development.

21. Just 8 % of 2017 ICOs Reach Exchange Trading

Post-ICO hurdles persist: only 8 % of ICOs launched in 2017 ever made it onto exchanges for trading, highlighting severe attrition and the challenges of meeting listing requirements.

Platform Dominance and Industry Distribution

22. Ethereum Smart Contracts Power Over 90 % of 2018 ICOs

Token issuers overwhelmingly chose Ethereum’s ERC-20 standard in 2018, tapping its mature tooling and broad developer base. This concentration eased contract deployment but also created a single-point dependency, making the ICO market highly sensitive to Ethereum’s network health and gas-fee fluctuations. Over 90 % of ICOs in 2018 utilized smart contracts for token distribution, with Ethereum being the dominant platform.

23. Ethereum Captures 72 % of ICO Launches by 2023

By 2023, nearly three-quarters of all token sales were still gravitating toward Ethereum, underscoring its continued leadership despite growing competition from newer blockchains. This lasting dominance highlights Ethereum’s network effects and robust ecosystem, even as alternatives seek to challenge its market share. Ethereum remains the dominant platform for ICO launches, accounting for over 72 % of all ICOs as of 2023.

24. Financial Sector Leads ICO Projects with 13.7 % Share

The financial industry tops ICO usage, claiming 13.7 % of all projects, followed by closely related fields like cryptocurrency (11.4 %) and business services (8.7 %). This distribution shows that issuers still favor token models for fintech solutions, even as other verticals explore utility and governance use cases. The financial sector remains the leading industry for ICO projects, accounting for 13.7 % of all ICOs globally, followed by cryptocurrency (11.4 %), business services (8.7 %), and investment (7.9 %).

Project Characteristics and Success Factors

25. Whitepaper Length Boosts ICO Success Rates

Projects that laid out detailed plans saw better outcomes: successful ICOs featured whitepapers averaging 35 pages versus just 15 pages for those that fell short. A thorough document likely helps investors understand goals and risks before committing funds.

26. Larger Founding Teams Correlate with Higher Success

ICOs led by bigger groups tended to perform better: successful offerings averaged eight core team members, while less successful ones had only four. A broader skill set and shared workload may improve execution and instill greater investor confidence.

27. Fixed Pricing Dominates but Dynamic Models Show Promise

Most token sales (72%) opted for a fixed price, offering certainty to buyers, whereas 28% experimented with dynamic pricing—such as Dutch auctions or bonding curves—to better match supply with demand and potentially capture higher early-bird returns.

28. Campaigns Close Quickly with Median Duration of 30 Days

The typical ICO ran for just one month, with most successful sales wrapping up within 45 days. Shorter timelines may maintain momentum and focus, whereas drawn-out campaigns risk losing investor interest or attracting bad actors.

29. Escrow Accounts Improve Fundraising Odds by 18% Uptake

Only 18% of ICOs used escrow accounts to protect incoming funds, yet those that did were notably more likely to hit their soft cap and deliver a working product—underlining how simple safeguards can sway investor trust.

30. Active Twitter Accounts Boost ICO Fundraising Success by 22%

Projects that kept an active Twitter presence and shared regular updates saw a 22 % higher chance of hitting their funding targets, underscoring how clear, ongoing communication builds investor confidence in early-stage token sales.

31. Only 32 % of ICOs Had a Formal Legal Entity in 2018

Fewer than one-third of token sales in 2018 were backed by a clear corporate structure, raising questions about accountability and regulatory compliance—factors that can influence both investor trust and long-term viability.

32. ICO Soft Caps Averaged $2 M, Hard Caps $25 M

Token issuers typically set a minimum funding goal (“soft cap”) of about $2 million and a maximum (“hard cap”) near $25 million, striking a balance between raising sufficient capital and maintaining scarcity to support token value.

33. Refund Policies Were Offered by Just 15 % of ICOs

Only a small fraction of projects—15 %—included a formal refund policy if the minimum target was missed, highlighting that most token sales placed fundraising risk squarely on investors rather than providing a safety net.

34. Listing Three+ External Advisors Raises Success Odds by 27 %

ICOs that showcased at least three external advisors on their team page enjoyed a 27 % higher probability of reaching their fundraising goals, suggesting that visible expertise can reassure backers.

35. Whitepaper Language: 60 % English-Only, 25 % Bilingual

Most ICOs published whitepapers solely in English (60 %), while a quarter offered bilingual versions—often pairing English with Chinese or Russian—to engage a broader, international audience.

36. Over 90 % of 2018 ICOs Used Smart Contracts on Ethereum

The vast majority of 2018 token sales leveraged smart contracts—primarily on Ethereum—streamlining distribution but concentrating network risk and fee exposure within a single blockchain ecosystem.

37. Top 10 Wallets Controlled Over 50 % of Tokens

In many ICOs, just ten addresses held the majority of tokens—over 50 %—raising concerns about centralization and the potential for price manipulation once trading began.

Service Market Growth Projections

38. ICO Service Market Valued at $4.57 B in 2023, Forecast to $11.53 B by 2031

Demand for ICO-related services has more than doubled in recent years, reflecting growing institutional and advisory activity. With a projected compound annual growth rate (CAGR) of 12.5 %, the market’s expansion to $11.53 billion by 2031 suggests continued professionalization and specialization around token sales.

39. Analyst Estimate: $10.5 B Market in 2024, Rising to $25.7 B by 2033

A more bullish forecast sees the ICO support ecosystem surging from $10.5 billion in 2024 to $25.7 billion by 2033 at a 10.5 % CAGR, driven by demand for legal, marketing, and technical services that de-risk token launches over the coming decade.

40. Alternate Projection: $5.3 B in 2024 to $12.5 B by 2033 at 10.3 % CAGR

A third industry report projects a more conservative trajectory, growing from $5.3 billion in 2024 to $12.5 billion by 2033 (10.3 % CAGR), highlighting varying methodologies but a shared expectation of sustained service-sector growth.

High-Profile ICOs

41. EOS Leads All-Time ICO Rankings with a $4.2 B Raise

EOS’s 2018 token sale set a record by pulling in $4.2 billion—more than twice the size of any other ICO to date—and underscored how star projects can concentrate investor capital into blockbuster rounds.

42. Recent Multi-Million Dollar ICOs Showcase Sector Diversity

Newer token sales in 2023 have spread capital across different niches: Arbitrum ($123.7 M), World Coin ($240 M), SUI ($52 M), Neon ($45 M), and Republic Note ($49 M) each drew significant backing, signaling continued appetite for specialized blockchain solutions.

Emerging Market Trends

43. African Blockchain Startups Jump 40% in 2023

Emerging markets are catching up fast: the number of blockchain startups in Africa climbed by 40 % in 2023, highlighting growing regional enthusiasm for decentralized funding and the potential for ICOs to support innovation on the continent.

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