We conduct a detailed analysis of investors in successful initial coin offerings (ICOs). The average ICO has 4700 contributors. The median participant contributes small amounts and many investors sell their tokens before the underlying product is developed. Large presale investors obtain tokens at a discount and flip part of their allocation shortly after the ICO. ICO contributors lack the protections traditionally afforded to investors in early-stage financing. Nevertheless, returns 9 months after the ICO are positive on average, driven mostly by an increase in the value of the Ethereum cryptocurrency.

中文翻译：

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ICO投资者

我们对成功的首次代币发行 (ICO) 的投资者进行了详细分析。平均 ICO 有 4700 名贡献者。中间参与者贡献少量资金，许多投资者在基础产品开发之前出售他们的代币。大型预售投资者以折扣价获得代币，并在 ICO 后不久翻转部分分配。ICO 贡献者缺乏传统上在早期融资中为投资者提供的保护。尽管如此，ICO 后 9 个月的回报平均为正，主要是由于以太坊加密货币的价值增加。