A new wave of token sales draws record-breaking investments

In mid-2025, the cryptocurrency market found itself back in the spotlight thanks to high-profile public token sales. The platform Pump.fun, known for launching meme coins, raised $600 million in just 12 minutes. An additional $720 million came from private investors. The total amount of $1.32 billion makes it one of the largest deals in the crypto industry this year.

What set this token sale apart was its openness: retail investors from most countries were able to participate after completing a standard KYC verification. This is a major shift from recent years, when early-stage token sales were mainly reserved for large institutional players.

The crypto community recalls the ICO boom of 2017

The success of Pump.fun sparked memories of the ICO frenzy of 2017–2018. Back then, startups raised huge amounts of capital, bypassing traditional financial intermediaries. Over the span of a few years, the ICO market exceeded $20 billion, although many of the projects either failed to launch or shut down shortly after.

Tighter regulation — particularly from the SEC — eventually caused a sharp decline in new offerings. Investors became more cautious, while companies began favoring more established fundraising methods.

Market conditions have eased in 2025

According to analysts and legal experts, the overall climate for crypto fundraising has noticeably improved in 2025. Oversight activity from regulators such as the SEC has decreased following several high-profile cases involving major players. This has created a sense of stability and renewed confidence among market participants.

Major law firms also report growing demand from startups for legal support in token offerings, which could indicate a gradual reintegration of ICOs into the institutional landscape.

What used to be seen as overwhelming legal risk is now viewed as a more manageable factor. As many industry insiders note, the previous "fear of prosecution" has largely faded from view.

New platforms, faster raises, and a different mindset

A wave of new platforms has emerged in 2025, allowing a wider audience to access token sales. For instance, the Plasma project raised $500 million in just a few minutes, while MegaETH brought in $10 million in under three. These projects tend to be more structured and are built around sustainable growth rather than hype.

Pump.fun representatives emphasize that the same investment terms were offered to both private and institutional investors. According to the company, the platform has already generated over $800 million in revenue since early 2024 — indicating it’s not just about the token, but about a functioning business.

Today’s token offerings are increasingly expected to meet a new set of criteria:

• Open participation for a broad investor base
• Mandatory identity verification
• Transparent terms and uniform rules
• Proven product and revenue at the time of the sale
• Use of stable and secure technology platforms.

These elements form the foundation of a more mature and regulated market, in contrast to the earlier ICO boom, where many ventures existed only on paper.

Cautious optimism with a reminder of risk

Even as enthusiasm around token sales returns, experts urge investors to keep a level head. The crypto market remains volatile, and interest from media and retail buyers can fade as quickly as it appears. Even when things seem stable, it's important to assess a project's fundamentals, team, and legal framework.

The emerging trend shows the market is ready to give ICOs another shot — this time with lessons from the past in mind. Whether this revival proves sustainable is something only time will tell