The research carried out in this thesis looks at the performance of Initial Coin Offerings
(ICOs) in relation to the COVID-19 pandemic. ICOs listed before and after COVID-19
pandemic were collected and later compared to find significant differences. Collected
ICO information were used to estimate a multivariate regression model to examine how
different independent variables -funding predictors, raised capital and industry categorycontribute
to ICOs' initial return. Findings were then compared between ICOs listed
before the pandemic with ICOs listed after the pandemic. We find that ICOs listed before
the pandemic had significantly less initial return for investors compared to ICOs listed
after the pandemic. Additionally, after comparing the long-term post ICO returns, our
results indicate that the post ICO performance/long-term holding period returns were
significantly more positive for ICOs listed and traded after pandemic.nhhma
