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Study: Ethereum ICOs Have Cashed Out as Much as They Raised

A report published by BitMEX on Monday shows that blockchain startups hosting initial coin offerings (ICOs) and raising funds in Ether (ETH) have now cashed out just USD 11 million short of what was raised.

The research indicates that the 222 startups that were tracked managed to raise USD 5,463 million or around ETH 15 million via ICOs by September 2018, while USD 5,452 million was sold in the same period. The projects are said to still hold ETH 3.8 million – a quarter of the number of tokens originally raised.

Despite a rocky year for ETH, the data indicates that most of the startups managed to sell at a profit compared to its worth when they acquired it, and have a substantial amount of unrealized gains. The paper reads: ”Of the Ethereum still held by the projects, even at the current USD 230 price, projects are still sitting on unrealized gains, rather than losses.”

The research indicates that the ICOs still have net gains of around USD 93 million regardless of Ethereum’s value being put to the test this year, but this is because most of the funds were gathered prior to 2018: “It may surprise some that ICOs are still in a net unrealized profit situation, but many of the Ethereum balances were built up before the price rally at the end of 2017,”

BitMEX does acknowledge that the totals it published may reflect a lower amount than alternative sources due to its focus specifically on ETH balances and not funds raised in alternative forms.

The data project is also recognized to be slightly contorted by the EOS project, which accounts for 70% of the USD equivalent in ETH that was raised, although BitMEX says that without this data, a similar outcome is still met.

 

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