which raised a total of $12 billion in capital, nearly all since January 2017.
Average returns were 179% from the ICO price to the first day’s opening market price, over a holding period that averages just 16 days.
HODLING generated average buy-and hold additional returns of 48% in the first 30 trading days
Only 44.2%, assuming that all firms inactive on Twitter in the fifth month did
For the 420 ICOs that raise some capital but don’t list, this figure falls to 52% and for the 440 ICOs that list on an exchange, only 16% are inactive in the fifth month.
30-day avg returns range from 41% to 67%,
180-day avg returns range from 150% to 430%.
ICO to listing, token prices continue to drift higher (relative to the asset class) in the first six months after the listing date.
Only 26% of ICOs have listed their tokens on an exchange
The average (successful) ICO raised $11.5 million
The median value raised is only $3.8 million
Listed ICOs raise about 3x as much,on average, compared to non-listed ICOs
The average capital raised by successful ICOs has gone up over time from
$7.9 million (before July 2017)
to $11 million (in the second half of 2017)
to $14 million (in 2018)
Most investors choose a low ICO token price, with a median value of $0.30
The hardcap, the maximum amount of funds that the ICO is allowed to raise,
is approximately $43 million for the average ICO
(median value is $23 million), and the average percent of all tokens that are sold during the ICO is 60%.
40% of projects hold a presales
legal and tax reasons, which is why noted havens like British Overseas Territories,
Singapore, Switzerland, Cyprus, and the Baltic States, especially Estonia, are
(median firm tweets 0.7 times per day).
This only rises slightly to 2.7 tweets per day (once per day for the median)
during the ICO.
The average time between the end of the ICO and the first day of trading is 31 days, with a median time of 16 days.
44 were listed prior to the end of the ICO. The median ICO price for this
sample is $0.14), median opening price is $0.19) suggesting 26% gains
market prices are available yields an average rate of return of 246%
(median rate of return of 21%) to first open and
273% (median rate of return of 29%) to first close.
Avg daily vol in the first month is $2.5M (per day)
distribution is highly skewed with a med value of $140,000.
A Large proportion are illiquid,10th percentile having an avg daily vol of $5000 in the first month.
ICOs. Tokens are sold in ICOs at a significant discount to their market price (and at a much greater discount than IPOs),
generating at least an 82% average abnormal return for the representative (i.e. weighted by capital invested) ICO investor.
token returns after the asset is listed on an exchange, and find that
prices continue to drift higher, generating an abnormal return of approximately 50% in just the first 30 days.