A post-mortem on the ICO bubble: venture ICO bets, where are they now?

Last week, The Block's Larry Cermak analyzed return data from close to 400 ICO projects (via ICO Drops) and found that only 30 ICOs (7.7%) have outperformed bitcoin since the time of listing, with ~11% of the observations in the sample still earning a positive return. Even worse, more than 74% of all ICOs have lost more than 90% compared to the price of BTC during that time. The median BTC return is -91%.

Seeing a number of traditional venture capital investors place bets on ICOs, amongst an exhaustive list of other crypto investors (see our map of the entire crypto investor ecosystem), we wanted to measure fund performance investing in ICOs (under a few wide assumptions) to get a better sense of how these investments likely fared for VC.