Major token sales signal renewed interest in the ICO model

In July 2025, meme coin platform Pump.fun held a large-scale public token sale, raising $600 million in just 12 minutes. An additional $720 million was secured through a private offering. The total amount exceeded $1.3 billion, making it one of the largest crypto fundraising events of the year.

Retail investors from most countries were able to participate. To join, they had to complete standard identity verification (KYC). This approach stands in contrast to recent years, when token offerings were mostly accessible only to major institutional investors.

Market participants recall the ICO boom

Pump.fun’s public sale reminded the crypto community of the mass token offerings in 2017–2018, when hundreds of startups raised millions without the involvement of banks or regulators. At its peak, the ICO market brought in over $20 billion, though not all initiatives were successful.

Stricter oversight from the SEC and other regulators eventually led to the decline of the format. Investors became more cautious, and companies more selective in choosing how to raise capital.

Regulatory easing brings back interest in open offerings

According to legal experts, conditions in the crypto market have noticeably eased since the beginning of 2025. Following a series of high-profile cases involving major players like Coinbase and Binance, the SEC has reduced its enforcement activity. This shift has brought a greater sense of predictability and confidence among market participants.

Some industry representatives say companies no longer feel the same pressure that previously accompanied attempts at public token sales. Major law firms report a growing number of legal inquiries from startups preparing token offerings, which may point to systemic changes.

Observers note that the “prosecutorial effect” is no longer a major deterrent. This has allowed many projects to rethink their strategies and return to open capital raising through token sales.

New platforms and record funding strengthen the trend

With overall sentiment improving, startups have begun offering new token sale models adapted to the current regulatory environment. In June, the Plasma project raised $500 million within minutes on one such platform, while MegaETH previously raised $10 million in under three minutes.

Today’s projects focus on sustainable business models and transparent terms for investors. According to Pump.fun, all participants—regardless of how they joined—received identical investment conditions. The company also reported that since early 2024, its platform has generated $800 million in revenue. Key features of the new token sales include:

• Participation is open to a broad audience
• Identity verification is mandatory
• Transparent conditions and unified terms for all
• Having a product and revenue is the standard, not the exception
• Reliable technology platforms are used

This renewed interest in token sales reflects a more mature and regulated approach than in previous years. Modern projects differ from earlier ICOs by having real products and clearer business logic. However, the crypto market remains vulnerable to instability and speculation. It is important to remember that even positive trends can quickly reverse if key risk factors converge