NAUT tracks 101 crypto IEO funding rounds, announced between 1 January 2025 and 21 April 2026 at company pages that are live and unarchived, and the 98 of them that disclosed an amount raised $264,683,755. One round carries 71% of that total: the $187.5M sale Monad closed on 17 November 2025, which is more than 14 times the next largest round in the set.
Data as of 11 November 2026, from NAUT's own funding records. The scope is every round NAUT types as an IEO (an initial exchange offering) with an announce date from 1 January 2025 onward, sitting on a company row that is live and not archived; the latest of the 101 is dated 21 April 2026. All 101 rows carry the same source tag, cryptorank, and cryptorank.io returned a Cloudflare security verification page to every fetch NAUT tried for this report, direct and through a text proxy, so no figure was re-read there. NAUT's record for all 101 rounds stores the size and the date without an exchange or launchpad on the round row, so this report names no host for any sale and ranks the rounds on the figures NAUT holds. 1 claim of the set, the detail behind Monad's 17 November 2025 round, was put to outside reports, and what they state disagrees with the detail NAUT stores, so that detail is left out here and the round appears at NAUT's stored figure. The other 100 rounds had no outside source read for this report. NAUT Research wrote it; no one paid for it.
Which crypto IEO funding rounds were the largest?
The 10 largest of the 98 rounds that disclosed an amount, ranked by the amount NAUT records for each round.
| Date | Company | Raised | Sector tags |
|---|---|---|---|
| 17 Nov 2025 |  Monad |
$187,500,000 | L1/2/3 |
| 12 Jul 2025 |  Pump.fun |
$12,500,000 | Launchpad, Meme, DEX, SocialFi, DeFi |
| 29 Jan 2026 |  Zama |
$11,000,000 | Infrastructure, Privacy, DeFi |
| 19 Jan 2026 |  Sentient |
$7,600,000 | AI |
| 13 Jan 2026 |  Fogo Chain |
$7,000,000 | L1/2/3, DeFi |
| 20 Jan 2025 |  Jambo |
$5,000,000 | Infrastructure |
| 20 Jan 2026 | Zama |
$4,400,000 | Infrastructure, Privacy, DeFi |
| 17 Feb 2025 |  WalletConnect |
$4,000,000 | Wallet, DeFi |
| 12 Jul 2025 | Pump.fun |
$4,000,000 | Launchpad, Meme, DEX, SocialFi, DeFi |
| 10 Feb 2026 |  Espresso Systems |
$3,750,000 | Infrastructure |
Those 10 rounds hold $246.75M of the $264.7M. 16 of the 98 priced rounds cleared $1M, and together they account for $257.85M, or 97% of the disclosed total. The 3 rounds with no amount on NAUT's record all belong to Pump.fun and all carry the date 12 July 2025.
How much crypto IEO funding did each round raise?
The chart is the top of a very long tail. The median of the 98 priced rounds is $50,000, the quartiles sit at $20,000 and $190,000, and the smallest round on the list is $3,750. 69 of the 98 came in under $100,000, and those 69 add up to $2.34M between them. A second Pump.fun row of $4,000,000 on 12 July 2025 sits at the same level as WalletConnect and is left out of the chart so each company appears once per date.
Which quarter held the most crypto IEO funding?
| Quarter | Rounds | Disclosed | Share of $264.7M |
|---|---|---|---|
| 2025 Q1 | 37 | $10.9M | 4.1% |
| 2025 Q2 | 7 | $1.1M | 0.4% |
| 2025 Q3 | 12 | $18.6M | 7.0% |
| 2025 Q4 | 18 | $196.2M | 74.1% |
| 2026 Q1 | 25 | $37.6M | 14.2% |
| 2026 Q2 | 2 | $0.3M | 0.1% |
Round count and dollars point different ways. 2025 Q1 holds the most rounds of any quarter, 37, for $10.9M. 2025 Q4 holds half that count, 18, for $196.2M, because Monad's November sale lands in it. 2026 Q1 is the second busiest quarter by count, 25 rounds, and the second largest by dollars, $37.6M, carried by 5 Zama rounds and single rounds at Sentient and Fogo Chain. The 2026 Q2 figure covers only the 2 rounds dated up to 21 April 2026, the latest on the list.
Which sectors use an IEO?
The 10 most common sector tags across the 101 rounds. A company row can carry several tags, so these counts overlap and do not sum to 101.
| Sector tag | Rounds | Share of 101 |
|---|---|---|
| DeFi | 39 | 39% |
| Infrastructure | 19 | 19% |
| L1/2/3 | 17 | 17% |
| AI | 16 | 16% |
| DEX (Decentralized Exchange) | 12 | 12% |
| SocialFi | 9 | 9% |
| Privacy | 9 | 9% |
| Launchpad | 8 | 8% |
| Gaming | 6 | 6% |
| Meme | 6 | 6% |
DeFi sits on 39 of the 101 rounds, twice the next tag. The 3 rounds above $10M come from 3 different groups: an L1 at Monad, a token launch platform at Pump.fun and a cryptography team at Zama.
Which projects ran more than 1 IEO round?
13 of the 77 companies in this set hold 2 or more of the 101 rounds, 37 rounds between them, and the other 64 companies hold 1 round each. Ranked by the number of IEO rounds NAUT records for each company.
| Company | Rounds | Disclosed total | Dates |
|---|---|---|---|
| Pump.fun |
6 | $17.25M across 3 of the 6 | all 12 Jul 2025 |
| Zama |
5 | $15.44M | 13 to 29 Jan 2026 |
| Monad |
3 | $187.53M | 12 to 17 Nov 2025 |
 Plasma |
3 | $1.17M | 19 to 25 Sep 2025 |
 Aztec Network |
3 | $18,750 | 8 Dec 2025 to 9 Feb 2026 |
 Backpack |
3 | $23,200 | 16 to 17 Mar 2026 |
 Yieldbasis |
2 | $5.0M | 1 to 13 Oct 2025 |
 Immunefi |
2 | $2.51M | 25 Nov 2025 to 19 Jan 2026 |
 Stable |
2 | $45,000 | both 4 Dec 2025 |
 Lighter |
2 | $30,000 | both 24 Dec 2025 |
 Seeker |
2 | $17,500 | both 19 Jan 2026 |
 Tether Gold |
2 | $88,000 | both 13 Feb 2026 |
 EdgeX Exchange |
2 | $41,000 | both 24 Mar 2026 |
A repeat issuer on this list usually ran its rounds inside days of each other, which reads as tranches of one sale rather than a return to the market a year later. Zama and Immunefi are the 2 that span more than a month.
What this tells a BD team
- The money sits in 16 rows, not 101. 16 rounds cleared $1M and hold $257.85M of the $264.7M. If you sell anything priced against treasury size, those 16 companies are the list, starting with Monad, Pump.fun, Zama, Sentient and Fogo Chain.
- 69 rounds under $100,000 are a different pitch. Those 69 add up to $2.34M, so a per-seat tool at enterprise pricing has no budget to land in them. They are a fit for usage-priced products.
- A repeat issuer is a warm door twice. The 13 companies with 2 or more rounds ran them days apart, so the same team was in market once and is reachable now rather than mid-raise.
- 2026 Q1 is the freshest cohort with real money. 25 rounds and $37.6M, led by Zama, Sentient and Fogo Chain, which all closed in January 2026.
- Start with the 16 priced above $1MThey hold $257.85M of the $264.7M, from Monad's $187.5M down.
- Split by sector tagDeFi carries 39 of the 101 rounds, Infrastructure 19, L1/2/3 17 and AI 16.
- Find the decision makerEach company's NAUT page lists its team, so open Zama or Sentient and work from the names.
- Time it off the dateA 2026 Q1 team, 25 rounds and $37.6M, closed its sale in January 2026 and is spending now.
What this tells a founder planning a token sale
- Crypto token sale funding has a long tail. Half of the 98 priced rounds came in under $50,000, and only 3 cleared $10M. Size the raise against the median before you build a plan on the headline.
- Tranches are normal. 13 of the 77 companies ran 2 or more rounds, Pump.fun 6 of them on 1 day, so a staged sale is a common shape rather than a sign something went wrong.
- Sector matters to the ceiling. All 3 rounds above $10M are an L1, a token launch platform and a cryptography team, while the 39 DeFi rounds cluster far lower.
- Disclosure is the norm. 98 of the 101 rounds carry a public figure on NAUT, and the 3 that do not all belong to 1 company, so a silent round stands out.
- Pick 5 comparablesMatch your sector tag, then read their round sizes: DeFi has 39 rounds, AI 16.
- Read the tranche patternZama ran 5 rounds in 17 days for $15.44M total.
- Check who is already listedOpen the company pages above and see which teams NAUT already carries with their people.
- Line up the introNAUT pages list the team at each of the 77 companies, so you can ask a past issuer how the sale ran.
How to reach the teams behind these sales
Every company named above links to its NAUT page, which carries the company profile, its sector tags, its funding rows and the team NAUT holds for it. The quickest path for this set is to open the 16 companies behind the rounds above $1M, because that is where the $257.85M sits, then widen to the 13 repeat issuers. NAUT's record for these 101 rounds carries no exchange or launchpad on the round row, so if the host of a sale is what you need, the launchpad report below is the better starting point.
Related reading on NAUT: Crypto launchpad list: 55 platforms, 4 that back startups and Crypto exchange funding: 12 rounds, $190.7M, 2 named a lead.
Can you pull this data through the NAUT API?
Yes. GET https://api.naut.so/v1/projects?sector=DeFi returns NAUT's DeFi-tagged project rows, which include the 39 DeFi rounds in this set, and GET https://api.naut.so/v1/projects/monad returns 1 company with its team, which is how the Monad row above reads out. 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 on those company pages unlock on any paid NAUT plan, so you can start a 7-day trial and reveal them.
Crypto IEO funding FAQ
How much crypto IEO funding have projects raised since 2025?
$264,683,755, across the 98 of 101 IEO rounds that disclosed an amount, announced between 1 January 2025 and 21 April 2026 and read from NAUT's records on 11 November 2026. The 3 rounds with no figure all belong to Pump.fun.
Which crypto IEO round raised the most?
Monad's $187.5M round on 17 November 2025, which is 71% of the $264.7M disclosed across all 101 rounds since 1 January 2025. Pump.fun is next at $12.5M on 12 July 2025, then Zama at $11M on 29 January 2026.
How much do crypto projects raise in an IEO?
The median of the 98 priced rounds between 1 January 2025 and 21 April 2026 is $50,000, with quartiles at $20,000 and $190,000. 69 of the 98 came in under $100,000, and 16 cleared $1M, holding $257.85M of the $264.7M total.
Which sectors raise through IEOs?
Across the 101 rounds NAUT tracks since 1 January 2025, DeFi is the most common sector tag at 39 rounds, then Infrastructure at 19, L1/2/3 at 17 and AI at 16. A company can carry several tags, so those counts overlap.
Where can I find the teams behind these IEO rounds and their contact channels?
On NAUT. The 101 rounds sit at 77 company pages on naut.so, from Monad to Espresso Systems, each with the team NAUT holds for it, 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
- All 101 rounds, their amounts and their dates: NAUT's own funding records, read on 11 November 2026. Every row carries cryptorank as its source tag, and cryptorank.io returned a Cloudflare security verification page to each fetch attempted for this report, so no figure was re-read at that source.
- Company descriptions and sector tags: the project rows on naut.so linked above.
- Monad's 17 November 2025 round: 1 outside check was run on the detail NAUT stores for it and came back disagreeing, so only NAUT's stored amount and date are used here.