A Bibliometric and Thematic Analysis of Initial Coin Offering: A Study of Two Decades

Purpose: Initial coin offerings (ICOs) are gaining relevance due to their novelty. They refer to fund-raising activity related to cryptocurrency and blockchain. ICOs are offered through a new cryptocurrency token, which may represent a stake in the company or project. The primary objective of this study is to understand the current state of research in ICO by analyzing various aspects, including the most significant publications, leading journals, contributing authors, their affiliations, and the prevailing themes in the research domain. Design/Methodology/Approach: The dataset considered 353 articles from the Scopus database from 2002 to 2024. The current study employed bibliometric analysis and thematic analysis. Findings: The bibliometric analysis identifies the most influential research areas and authors within the field of ICOs, while also mapping the conceptual structure and impact of the domain. P. P. Momtaz emerges as the most prolific author with 12 publications, followed by C. Fisch and S. Vismara, each contributing 7 articles. The United States leads in author affiliation, accounting for 26 publications. Three primary research themes are identified: the role of artificial intelligence in the success of ICOs, ICOs as a financing mechanism for entrepreneurs, and the development of the financial services sector through ICO adoption. Research Implications: The present article shows potential information that helps in understanding the past, present, and future of research in ICO and creates a base for future research actions for practitioners and academic directions.