Crypto public token sales are on track for their weakest quarter in five years, with just $58 million raised across Initial Exchange Offerings (IEOs), Initial Coin Offerings (ICOs), and Initial DEX Offerings (IDOs) in Q2 2026.

The figure marks an 85% drop from the prior quarter, highlighting a sharp decline in capital flowing through public token fundraising channels.

A Public Fundraising Market in Retreat

The number of public sales fell to 37 in Q2, down 65% from 105 in Q1, according to CryptoRank data. May proved especially quiet.

Only 13 token sales closed during the month. That was the lowest monthly figure since late 2020, when just 4 sales occurred. The $58 million raised marks the smallest quarterly haul in…