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Crypto ICO funding: 89 rounds, $1.12B, 1 sale took 49%

By NAUT Research · · 9 min read

$1,123.7M Crypto ICO funding disclosed by 86 of 89 ICO rounds at 75 companies, 1 January 2025 to 11 June 2026. Logos: World Liberty Financial, Flying Tulip, MegaETH, Plasma, Zama, Aztec Network, Aligned, USD.AI (by Permian Labs), Gensyn, Space, DoubleZero, Acurast, octra, Fogo Chain, InfinEx, Yieldbasis.

NAUT tracks 89 crypto ICO funding rounds dated 1 January 2025 to 11 June 2026, across 75 live company pages, and the 86 that store an amount raised $1,123.7M. 1 sale carries 49% of that money: World Liberty Financial's $550M round dated 1 January 2025, which is 4.3 times the next largest.

Data as of 11 November 2026, from NAUT's funding records. The scope is every round typed ICO on a live, unarchived NAUT company page with an announce date from 1 January 2025 onward: 89 rows at 75 companies, 12 of which ran more than 1. The newest of the 89 is dated 11 June 2026. 86 store an amount; 3 do not, being 2 rounds at 1 company dated 3 November 2025 and 1 round dated 20 March 2025. All 89 rows store a cryptorank.io page as their source link. 22 of the 89 rounds were put through an outside check for this report, covering 15 of the 75 companies, and the section below gives the result for each verdict; the other 67 rounds were never read outside NAUT. 2 stored records are held back as defects: Aligned carries 2 contact rows that look like the same person under 2 spellings, and 1 co-founder row at USD.AI (by Permian Labs) is marked ready to publish with no page to link. NAUT Research wrote this report; no one paid for it.

Which crypto ICO funding rounds raised the most since 2025?

Ranked by the total ICO money NAUT stores per company for 1 January 2025 to 11 June 2026. The 20 below hold $1,035.8M, 92.2% of the $1,123.7M disclosed by all 86.

Rank Company Total $M Closed Sectors
1 550.0 1 Jan 2025 Stablecoins, DeFi
2 139.0 16 Feb 2026 DeFi
3 77.68 27 Oct 2025 L1/2/3, Infrastructure
4 50.0 17 Jul 2025 L1/2/3, Neobank, Stablecoins, DeFi
5 39.4 21 Jan 2026 Infrastructure, Privacy, DeFi
6 32.31 2 Dec 2025 L1/2/3, Privacy, DeFi
7 22.67 13 Apr 2026 L1/2/3, Privacy
8 19.4 22 Feb 2026 Stablecoins
9 16.14 9 Dec 2025 AI
10 14.0 17 Dec 2025 Prediction Market
11 11.25 15 Apr 2025 Infrastructure
12 10.8 15 May 2025 Infrastructure, DePIN
13 9.0 16 Oct 2025 Infrastructure, Wallet, Privacy
14 8.0 24 Jan 2025 L1/2/3, DeFi
15 7.2 27 Dec 2025 CEX (Centralized Exchange)
16 7.19 1 Oct 2025 DeFi
17 6.75 26 Jun 2025 AI, Infrastructure, DePIN
18 5.0 18 Mar 2026 RWA
19 5.0 12 Nov 2025 Infrastructure
20 5.0 12 Jun 2025 Tools, Infrastructure, DeFi

The 4 largest single rounds are World Liberty Financial at $550M (1 Jan 2025), Flying Tulip at $129M (16 Feb 2026), Plasma at $50M (17 Jul 2025) and MegaETH at $49.95M (27 Oct 2025). Sector tags count companies and overlap, so they add above 75: 30 of the 75 are tagged DeFi, 22 Infrastructure, 16 L1/2/3, 11 AI and 7 Privacy.

When did these ICO rounds close, and how big were they?

30 of the 89 rounds are dated in the first quarter of 2025, and 77 of the 89 fall in 2025 against 12 in 2026.

Quarter Rounds Disclosed, $M Largest round
2025 Q1 30 635.0 , $550M
2025 Q2 16 47.7 , $11.25M
2025 Q3 12 69.8 , $50M
2025 Q4 19 156.0 , $49.95M
2026 Q1 6 202.8 , $129M
2026 Q2 6 12.5 , $10M

Quarter figures are rounded to 1 decimal, so they do not add exactly to $1,123.7M. Most of these raises are small: the median of the 86 disclosed amounts is $2M, 19 came in under $1M, 53 sit between $1M and $10M, 12 between $10M and $100M, and 2 at $100M or more. The 12 rounds dated in 2026 carry $215.3M between them, against $908.3M across the 77 dated in 2025.

Who runs the biggest ICO raisers, and who can you reach?

NAUT holds 162 contact records at these 20 companies, 137 of them with their own page, 127 with an X handle on file and 51 carrying a founder or CEO title. All 20 have at least 1 founder or CEO record.

  • runs a DeFi platform and the WLFI governance token, tagged Stablecoins and DeFi.
    • ICO record: $550M, dated 1 January 2025, the largest single round of the 89
    • Team on NAUT: 18 contact records, 7 of them titled founder or CEO
  • is building an execution-aware DEX for spot and futures trading, with its own AMM and stablecoin planned.
    • Founder: Andre Cronje
    • ICO record: 2 rounds, $139M, dated 2 and 16 February 2026
  • is an Ethereum Layer 2 built for throughput and speed.
    • Co-Founder: Shuyao Kong (孔姝尧)
    • ICO record: 2 rounds, $77.68M, dated 12 February and 27 October 2025
    • Team on NAUT: 12 contact records, 4 titled founder or CEO
  • is an EVM-compatible Bitcoin sidechain aimed at stablecoin payments.
    • Founder: Paul Faecks
    • ICO record: $50M, dated 17 July 2025
    • Team on NAUT: 16 contact records
  • builds a fully homomorphic encryption protocol for encrypted smart contract execution.
    • Co-Founder and CEO: Rand Hindi
    • ICO record: 2 rounds, $39.4M, dated 12 and 21 January 2026
    • Team on NAUT: 23 contact records, the deepest bench of these 20
  • is a privacy Layer 2 on Ethereum with private and public contract state.
    • Co-founder and CEO: Zac Williamson
    • ICO record: $32.31M, dated 2 December 2025
  • runs a ZK stack for cheaper Ethereum proof verification.
    • Founder: Federico Carrone
    • ICO record: 4 rounds, $22.67M, dated 9 and 16 January 2025 and 13 April 2026, the most ICO rounds of any company here
    • Team on NAUT: 5 contact records, 2 of which look like the same person under 2 spellings, so treat the headcount as 4
  • runs a synthetic dollar protocol that finances AI hardware.
    • ICO record: $19.4M, dated 22 February 2026
    • Team on NAUT: 9 contact records, 3 titled founder or CEO, and 1 co-founder row has no page to link yet
  • sells decentralised compute for machine learning training.
    • CEO: Ben Fielding
    • ICO record: $16.14M, dated 9 December 2025
  • runs prediction markets on Solana.
    • ICO record: $14M, dated 17 December 2025
    • Team on NAUT: 3 contact records, 2 titled founder or CEO
  • builds a smart contract account system for on-chain trading.
    • CEO: Kain Warwick
    • ICO record: $7.2M, dated 27 December 2025
  • runs a Web3 security network for on-chain threat detection and bug bounties.

Anyone listed can ask NAUT to remove their page at https://naut.so/legal/data-deletion.

How much crypto ICO funding did each company raise?

Total disclosed ICO raise since 1 January 2025, top 12 of 75 companies
  1. World Liberty Financial$550M
  2. Flying Tulip$139M
  3. MegaETH$77.68M
  4. Plasma$50M
  5. Zama$39.4M
  6. Aztec Network$32.31M
  7. Aligned$22.67M
  8. USD.AI$19.4M
  9. Gensyn$16.14M
  10. Space$14M
  11. DoubleZero$11.25M
  12. Acurast$10.8M

These 12 companies hold $982.65M, 87.5% of the $1,123.7M disclosed. The 55 companies outside the top 20 share $87.9M between them, so an average under $1.6M each.

What does crypto ICO funding tell a BD team?

  • The money is concentrated, so the target list is short. 2 companies, World Liberty Financial and Flying Tulip, hold $689M of the $1,123.7M disclosed. The other 73 companies share $434.7M.
  • Most buyers here are small and recently funded. 72 of the 86 disclosed rounds came in under $10M, and the median is $2M, which sets the budget a vendor should pitch into.
  • The teams are reachable on NAUT. 162 contact records sit at the top 20 companies, 127 with an X handle on file and 51 titled founder or CEO, so the decision maker is usually 1 click from the company page.
  • Timing matters more than usual. 6 of the 89 rounds are dated in the second quarter of 2026 and the newest is dated 11 June 2026, so the 2026 cohort, from Zama in January to Aligned in April, is the warm part of this list.
How a BD team can work this list
  1. Start with the 2026 closers12 of the 89 rounds are dated in 2026, carrying $215.3M, from Zama at $39.4M to Aligned at $10M.
  2. Size the budget72 of the 86 disclosed rounds came in under $10M and the median is $2M, so pitch to a small team with new money.
  3. Find the decision makerEach company page lists its team, such as CEO Rand Hindi at Zama or CEO Ben Fielding at Gensyn.
  4. Open the channel137 of the 162 contact records at these 20 companies have their own NAUT page with the channels NAUT holds on file.

What this tells a founder planning a token sale

  • A repeat sale is normal here. 12 of the 75 companies ran more than 1 ICO round, and 6 of those 12 are in the table above: Flying Tulip, MegaETH, Zama, Aligned, octra and Pipe Network.
  • Rounds often come in pairs weeks apart. Flying Tulip stores $10M on 2 February 2026 and $129M on 16 February 2026, and Zama stores $35M on 12 January 2026 and $4.4M on 21 January 2026, so a smaller sale ahead of the main one is a shape worth copying.
  • A $100M crypto token sale is rare. 2 of the 86 disclosed rounds cleared $100M, both in the top 2 rows, while 19 came in under $1M.
  • Privacy and compute raised well in the 2026 cohort. Zama, Aligned and Aztec Network are all tagged Privacy and hold $94.38M between them across 7 rounds.
How a founder can size a sale from this data
  1. Pick your comparableMatch your sector tag: 30 of the 75 companies are tagged DeFi, 22 Infrastructure, 16 L1/2/3 and 11 AI.
  2. Set the targetThe median of the 86 disclosed rounds is $2M, and 12 landed between $10M and $100M.
  3. Plan 2 sales, not 112 of the 75 ran more than 1 ICO round, with Aligned running 4 for $22.67M.
  4. Study the teams that cleared $19MUSD.AI at $19.4M, Gensyn at $16.14M and Space at $14M all have their team on NAUT.

How source-checked are these numbers?

22 of the 89 rounds had their stored amount and close date checked against outside coverage, covering 15 of the 75 companies. 10 of the 22 came back confirmed. 12 came back with a different close date or a different amount, so this report prints NAUT's stored figure for those rows and treats them as unresolved: the rounds at World Liberty Financial, Flying Tulip (both), MegaETH (1 of 2), Plasma, Zama (both), Aztec Network, Gensyn, Space, Acurast and InfinEx.

6 of the 10 confirmed rounds clear the bar this report uses, which is the quoted wording located on the cited page or a second source URL on file, and those 6 are listed under Sources:

  • , 3 of its 4 rounds. The CoinList sale announcement says the "supply of ALIGN will be exhausted once the sum of both sale options reaches $5,000,000", which matches the $5M row dated 16 January 2025; ICO Drops records the second option at $0.04 for the $6.67M row of the same date; and the April 2026 sale announcement covers the $10M row dated 13 April 2026.
  • , $19.4M. 2 reports put the CoinList sale at $19.4M over 22 to 27 February 2026, matching the stored row.
  • , $11.25M. The Block reports the CoinList sale at $11.25M over 15 to 22 April 2025, matching the stored row exactly.
  • , $8M. The Block reports $8M raised at a $100M token valuation on Echo, dated 24 January 2025, matching the stored row.

The remaining 67 rounds were never read outside NAUT, so their amounts and dates are NAUT's record alone.

How to reach the decision makers

Every company and person above links to its NAUT page, which lists the team, the stored round history and the channels NAUT holds on file. 9 of the 20 companies in the table have a founder or CEO page to open directly, from Andre Cronje at Flying Tulip to Mitchell Amador at Immunefi. For the rest, the company page carries the contact rows: 162 across these 20 companies, 137 of them with a page of their own.

Related reading on NAUT: Crypto launchpad list: 55 platforms, 4 that back startups and Crypto funding statistics 2026: 327 rounds, $11.45B, 30 numbers.

Can you pull this data through the NAUT API?

Yes. GET https://api.naut.so/v1/projects/world-liberty-financial returns 1 company with its team, which is how each row above was read, and GET https://api.naut.so/v1/projects?sector=DeFi returns every DeFi-tagged project in NAUT's database, a set that includes the 30 DeFi-tagged companies in this report. Every call is a GET with Authorization: Bearer $NAUT_KEY and costs 5 credits, documented at https://naut.so/docs/api with plans at https://naut.so/pricing. The verified Telegram, email and LinkedIn of the people named here unlock on any paid NAUT plan, so you can start a 7-day trial and reveal them.

Crypto ICO funding FAQ

How much do crypto projects raise in an ICO?

Across NAUT's 89 ICO rounds dated 1 January 2025 to 11 June 2026, the 86 that store an amount raised $1,123.7M, and the median round is $2M. 19 of the 86 came in under $1M, 53 between $1M and $10M, 12 between $10M and $100M, and 2 at $100M or more.

Which crypto ICO raised the most since 2025?

World Liberty Financial, with $550M dated 1 January 2025, which is 49% of the $1,123.7M disclosed across the 86 rounds. Flying Tulip is next at $129M on 16 February 2026, then Plasma at $50M on 17 July 2025 and MegaETH at $49.95M on 27 October 2025.

Which sectors do ICO projects sit in?

Of the 75 companies behind NAUT's 89 ICO rounds since 1 January 2025, 30 are tagged DeFi, 22 Infrastructure, 16 L1/2/3, 11 AI, 7 Privacy, 6 DePIN and 6 RWA. Tags overlap, so a company such as Plasma counts in 4 of them.

How many crypto projects ran more than 1 ICO round?

12 of the 75 companies, between 1 January 2025 and 11 June 2026. Aligned ran 4 rounds for $22.67M, and Flying Tulip, MegaETH, Zama, octra and Pipe Network ran 2 each.

Where can I find the founders of these ICO projects and their contact channels?

On NAUT. The top 20 companies by ICO money raised since 1 January 2025 carry 162 contact records, 137 with their own page and 51 titled founder or CEO, and GET https://api.naut.so/v1/projects/zama returns 1 company with its team. Their verified Telegram, email and LinkedIn unlock on any paid NAUT plan, so you can start a 7-day trial and reveal them.

Sources

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