The public token sale market just hit a wall. Q2 2026 saw just 47 sales raising a combined $40 million, numbers not seen since late 2020, when the crypto industry was a fraction of its current size.
To put that in perspective, Q1 2025 was the recent high-water mark, with nearly $849 million raised across 429 individual sales. The current quarter’s haul represents a roughly 95% decline from that peak in just over a year.
The numbers tell a brutal story
According to CryptoRank data, Q1 2026 still managed $389 million across 105 sales, which already represented a significant drop from peak levels. Q2 then proceeded to fall off a cliff.
By mid-June 2026, only 37 sales had occurred, raising approximately $58 million. That’s an 85% drop in capital raised and a 65% decline in the number of sales compared to the prior quarter.
