Ex-Post Performance of Initial Coin Offerings

This paperstudiesInitial Coin Offering (ICO) performance. It linksshort-term ICO performance tolong-term ICO performance. The final data sample contains 241 ICOsin a timeframe reaching fromApril 2013 to October 2019. The results demonstratethatICOunderpricing is 124 percent,and market-corrected ICO underpricing is 126 percent. This confirms previous research done on ICO underpricing. Furthermore, theraw average buy-and-hold returns are positive, where average market-corrected buy-and-hold returns are negative. These findingsare in line with traditional IPO literature,showing long-term underperformance and variables such as trading volume and issue sizemoderatelyjustify this.