We examine the role of institutional investors in initial coin offerings (ICOs). Taking a financial investor's perspective, we assess the determinants of post-ICO performance via buy-and-hold abnormal returns in a sample of 565 ICO ventures. Conceptually, we argue that institutional investors'...

Blockchain-based tokens are widely acknowledged as a new asset class. Tokens allow new ventures to raise financing from crowd-investors on public blockchains. The information stored on these public ledgers makes it possible to examine the crowd’s investment behavior, as well as the financial...