According to CryptoRank data, April–June 2026 is shaping up to become the worst quarter for public token fundraising in the past five years. Total funds raised fell to $58M, while the market had raised several times more in the previous quarter. The number of token offerings also dropped from 105 to 37 — down 65% in just three months.
May provided another warning sign: only 13 token offerings were recorded during the month. The market has seen a lower figure only once before — in December 2020, when just four deals took place.
The peak came in the first quarter of 2025, when investors poured nearly $849M into 429 token offerings. Since then, the public fundraising segment has lost momentum quarter after quarter, with the current $58M marking the lowest point throughout the tracked period. In total, from the beginning of 2024 through the second quarter of 2026, the market raised approximately $4B across 3,017 deals.
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