Research: Crypto Projects Prefer Token Launch Over Series A as 'Graduation Path'

CryptoRank, a cryptocurrency data analytics platform, analyzed 3,757 early-stage crypto projects and found that many prefer token launches over Series A fundraising as their 'graduation path.' According to U.Today, only 588 projects (15.7%) reached Series A funding, with a median time of 15 months from initial investment to Series A. In contrast, 1,152 projects (30.7%) launched tokens, with 974 doing so without Series A funding. Only 178 projects (4.7%) achieved both Series A and token launch.

CryptoRank noted that token launches and Series A for crypto projects are closer to a 'graduation path' than the sequential growth stages typical of traditional startups, indicating many early projects aim to 'graduate' via token issuance rather than traditional venture capital stages.