The 2016–2017 ICO boom was a golden era of crypto optimism—projects raised millions, sometimes billions, with little more than a whitepaper and a promise. Fast forward seven years, and the landscape has dramatically shifted. Many once-celebrated projects have faded into obscurity, while others quietly sit on massive crypto treasuries, their tokens failing to match the meteoric growth of Bitcoin (BTC) and Ethereum (ETH).
This deep dive explores the financial legacies of ten landmark ICOs, revealing a sobering truth: for most investors, simply holding BTC or ETH would have yielded far better returns than betting on even the most hyped blockchain startups.
Sirin Labs: $158M Raised, Token Worth Just $70K
One of the starkest contrasts from the ICO era is Sirin Labs. In 2017, the company raised approximately $158 million through its ICO—making it one of the largest fundraising events of that year. Its token, SRN, was meant to power a blockchain-powered smartphone called Finney, marketed as a secure gateway into the decentralized world.
👉 Discover how early crypto hype led to massive funding—before reality set in.
Celebrity endorsements followed, including global football icon Lionel Messi, who lent his name to promote the device. But sales were dismal. By 2019, Sirin Labs had laid off 25% of its workforce and faced allegations of unpaid factory bills. Worse still, in 2021, its investors were sued for allegedly misappropriating over $250 million from the ICO proceeds.
Today, SRN’s market cap hovers around $70,000**, with a mere **$8 in daily trading volume. The company’s social media has been inactive for over three years—its comment sections now filled only with accusations of fraud.
EOS: The $4B ICO That Built Crypto’s Richest Backer
EOS stands as the undisputed king of ICO fundraising. Between 2017 and 2018, it raised over $4 billion, leveraging the fame of its lead developer, Dan Larimer (BM), and early backing from prominent figures like Jihan Wu and Li Xiaolai.
What made EOS truly unique wasn’t just the amount raised—it was how Block.one, the company behind EOS, managed its funds. Instead of spending aggressively, it converted nearly all its raised ETH into Bitcoin, amassing over 164,000 BTC at one point. Today, Block.one still holds more than 140,000 BTC, valued at over $8 billion.
Yet, despite this financial fortress, EOS the network has struggled. The token (EOS) currently trades with a market cap of just $780 million, less than 10% of Block.one’s BTC holdings. Attempts to restructure EOS as a DAO and revitalize its tokenomics in 2024 have failed to reignite market interest—its price has dropped nearly 40% since April.
Tezos: Foundation Richer Than the Ecosystem Itself
Tezos raised $232 million** during its 2017 ICO—a massive sum at the time. While initial reports suggested its foundation held 17,500 BTC, a March 2024 report revealed it currently holds around **5,000 BTC** worth **$295 million, alongside other assets totaling $760 million in reserves.
Meanwhile, Tezos’ native token (XTZ) has a market cap of about $740 million**—less than the foundation's own treasury. The project raised 65,681 BTC and 361,000 ETH during its ICO; those assets would be worth roughly **$4.8 billion today. That means the ecosystem's total value is only about 3x its original funding—a modest return compared to simply holding BTC or ETH.
Polkadot: Sitting on $930M in Unused ETH
Polkadot raised $140 million** in 2017 by selling over **429,000 ETH**. What sets Polkadot apart is its financial discipline. As of now, the original ICO smart contract still holds **306,000 ETH**, valued at approximately **$930 million.
Despite community concerns over high marketing spend ($87 million in one half-year) and low revenue ($1.1 million), Polkadot’s untouched treasury ensures long-term runway. Its token (DOT) currently has a market cap of around $19 billion, one of the highest among legacy ICO projects—but much of that value comes from network adoption, not speculation alone.
Bancor: From DAO Pioneer to Forgotten Protocol
Bancor raised 390,000 ETH in 2017—over $150 million** at the time—making it one of the largest pre-The DAO recovery ICOs. Today, those ETH would be worth nearly **$1.1 billion.
Yet Bancor’s token (BNT) has a market cap of just $70 million. Once hailed as a revolutionary decentralized exchange model, it’s now overshadowed by newer AMMs like Uniswap. The team continues development, but investor returns tell a story of missed potential.
Golem: The Quiet Winner Through Smart Token Management
Golem was one of the first to propose a decentralized computing marketplace. In 2016, it raised 820,000 ETH—second only to EOS in ETH collected. Rather than dumping tokens immediately, Golem sold slowly over time.
From an initial value of $9 million**, Golem’s treasury grew to over **$100 million by 2019 and now stands at around $390 million, despite holding only 125,000 ETH. By riding ETH’s price surge and selling strategically, Golem turned frugality into success.
👉 See how patient asset management can outperform aggressive growth strategies.
TenX: Fast Exit Leaves Token Behind
TenX raised over $80 million in 2017 (245,832 ETH) with ambitions to build a crypto debit card ecosystem. But shortly after launch, the team began selling off most of its ETH holdings.
Today, the PAY token has a market cap of just $1.64 million—a tiny fraction of its original funding. While some early users enjoyed spending crypto via cards, the project failed to scale sustainably.
Filecoin: Still Relevant in Decentralized Storage
Filecoin raised $253 million in 2017 as a leader in decentralized cloud storage. Unlike many peers, Filecoin delivered a working network and maintains active mining participation.
Its token (FIL) has a current market cap of about $2.2 billion, ranking among the top legacy ICO survivors. While far below DOT or ADA, it remains a key player in Web3 infrastructure.
Cardano: The Low-Key Long-Term Performer
Cardano conducted five rounds of fundraising from 2015 to 2017, raising 108,000 BTC (~$62 million). Known for academic rigor and slow but steady development, Cardano avoided flashy marketing.
Its token (ADA) now boasts a market cap of $17.7 billion, consistently ranking in the top 10 cryptocurrencies. Among ICO-era projects, Cardano is one of the few that delivered both technological progress and investor value.
Status: Lucky to Have Missed the Ride
Status raised **$105 million** (300,000 ETH) in 2017 for its Ethereum-based messaging and wallet app. It has since sold down part of its stash and retains about **17,000 ETH** (~$54 million).
Interestingly, over 347,000 ETH were returned during the ICO due to oversubscription—meaning many investors didn’t get tokens. With SNT’s current market cap at $150 million, those who missed out may actually be better off having kept their ETH.
Key Takeaways & FAQs
Why did so many high-funding ICOs underperform BTC and ETH?
👉 Learn why holding core assets often beats betting on new projects.
Here are some common questions readers might have:
Q: Which ICO generated the most value for investors?
A: Among these ten, Cardano (ADA) delivered the strongest long-term returns for token holders. However, teams that held onto BTC or ETH—like Block.one (EOS) or Golem—created more financial value for their organizations than their tokens achieved in market cap.
Q: Why did so many ICOs fail despite massive funding?
A: Many lacked sustainable business models, faced technical delays, or prioritized fundraising over product development. Without continuous innovation or real-world use cases, investor interest faded.
Q: Is holding BTC or ETH really better than investing in new projects?
A: Historically, yes. Over the past seven years, BTC and ETH have outperformed nearly all altcoins—including most top-tier ICOs—on a risk-adjusted basis.
Q: Can any of these old ICO projects still succeed?
A: Projects like Polkadot, Cardano, and Filecoin continue evolving and integrating with modern DeFi and AI trends. Their survival depends on sustained adoption and ecosystem growth.
Q: What lessons should new investors take from the ICO era?
A: Hype doesn’t equal value. Celebrity endorsements and big raises don’t guarantee success. Focus on teams with clear roadmaps, transparent treasuries, and working products—not just promises.
Final Thoughts
The ICO era reshaped crypto finance—but not always for the better. Of the ten projects reviewed, only a few have maintained relevance. Most token values pale in comparison to what early investors could have earned by simply holding BTC or ETH.
As we enter new cycles driven by AI tokens, memecoins, and Layer 2 ecosystems, history reminds us: true innovation takes time, and financial prudence often wins over hype.
Will today’s stars still matter in 2031? Only time—and sound fundamentals—will tell.