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PUMP token ICO

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PUMP token ICO
PUMP token ICO
Image: official logo
dateJuly 12, 2025
blockchainSolana
issuerpump.fun
raised600 million dollars public, 1.32 billion dollars total
ico price0.004 dollars per PUMP

The July 2025 initial coin offering in which pump.fun sold 600 million dollars of PUMP tokens in about 12 minutes, one of the largest ICOs in history, followed by a prolonged price decline.

Contents
  1. 1 The sale
  2. 2 Context
  3. 3 Aftermath
  4. 4 Significance
  5. 5 References

The PUMP token ICO was the July 12, 2025 public sale of PUMP, the native token of pump.fun, the dominant meme coin launchpad on Solana. The sale raised 600 million dollars in roughly 12 minutes, and together with a private round earlier that week totaled 1.32 billion dollars, making it, per Unchained, the third largest initial coin offering in history. It briefly revived the ICO format that had defined 2017, and its aftermath became a running referendum on whether the trenches would fund the house they gambled in.

The sale

Pump.fun offered 150 billion PUMP, 15 percent of the 1 trillion total supply, at 0.004 dollars per token, starting at 14:00 UTC on July 12, 2025. The allocation sold out in about 12 minutes across participating exchanges. An institutional private sale of 180 billion tokens at the same price had raised 720 million dollars days earlier. The stated uses of proceeds included platform development, social trading features and ecosystem incentives. Protos reported that buyers in excluded jurisdictions, including the United States and United Kingdom, circumvented restrictions with VPNs and intermediaries, and Fortune framed the event as the return of the ICO era at unprecedented scale.

Context

The raise landed at a precarious moment. Pump.fun was losing launch market share to LetsBonk in the same weeks (see letsbonk flippening), and critics on crypto twitter argued the platform had extracted billions in fees from the trenches without prior revenue sharing. Expectations of an airdrop for platform users, widely anticipated before the sale, went unfulfilled, becoming a persistent grievance.

Aftermath

PUMP traded above its ICO price briefly, slipped below it within weeks as airdrop hype cooled (Decrypt), then rallied to an all time high in September 2025 during pump.fun's recovery and the streamer meta revival. The token then declined through the winter. Pump.fun supported the price with buybacks funded by platform revenue: Phemex and Yahoo Finance reported about 350 million dollars spent on buybacks between July 2025 and spring 2026, removing roughly 116 billion tokens, about a third of circulating supply, without restoring the price. On April 29, 2026 the platform announced a further 370 million dollar buyback rather than the airdrop many users had expected. By April 2026 PUMP traded around 0.00165 dollars, about 59 percent below the ICO price and more than 80 percent below its September 2025 peak, with critics quoted in coverage arguing that insiders holding roughly half the supply were using buybacks as exit liquidity, a claim the platform disputed. A major unlock of locked supply was scheduled for July 12, 2026, one year after the sale.

Significance

The ICO demonstrated both the scale of pump.fun's business and the limits of financializing it: the platform that industrialized meme coin launches raised more than a billion dollars in minutes, then spent the following year buying its own token back from the people it sold it to. Within the trenches the episode is cited alongside the 2026 memecoin winter as evidence that in the launchpad economy, the house can win the casino and still lose the token.

References

Category: Events