ICO-inspired capital formation could be crypto’s next gold mine: Bitwise
Bitwise CIO Matt Hougan suggested that the next major disruptive force in crypto may emerge from capital formation, driven by a renewed wave of regulated initial coin offerings (ICOs) in 2026.
ICO trend could bolster capital formation for crypto in 2026
Bitwise Chief Investment Officer Matt Hougan believes crypto is entering a new chapter in 2026, centered on capital formation and the rebirth of the ICO boom, as the next frontier of financial innovation.
In a note to investors on Tuesday, Hougan described capital formation — the mechanism by which entrepreneurs raise funds, launch companies, and bring new products to market — as the next “defining theme of crypto in 2026.”
He highlighted the ICO boom of 2017–18, which sought to…
