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Innovative Finanzierungen über Initial Coin Offerings: Struktur und bisherige Performance

Author

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  • David Häfner
  • Dirk Schiereck

Abstract

Einhergehend mit der steigenden medialen Präsenz von Blockchain-Anwendungen haben Initial Coin Offerings (ICOs) auch das Interesse von innovativen Unternehmen und Aufsichtsbehörden geweckt. ICOs bieten Unternehmen durch Ausgabe von Anteilen an einer unternehmenseigenen Währung eine neue Art der Finanzierungsmöglichkeit. Dieser Beitrag erläutert die Eigenschaften und den Ablauf einer ICO-Finanzierung und gibt einen Überblick zur Performance bisheriger ICOs. Anhand von Daten zu 175 ICOs wird gezeigt, dass die Renditen von ICOs nach ihrer Emission Ähnlichkeiten zu Zeichnungsrenditen bei Börsengängen aufweisen. Das Potenzial von ICOs als Alternative der Mittelbeschaffung für Unternehmen scheint gegeben, und mehr Transparenz könnte ICOs für Unternehmen und Investoren noch attraktiver machen. / Simultaneously to the growing media presence of blockchain applications, Initial Coin Offerings (ICOs) have aroused the interest of innovative companies and regulators. ICOs offer companies a new way of financing by issuing shares in a company’s own currency. This article explains the characteristics and the procedure of ICO financing and provides an overview of the performance of previous ICOs. A record of 175 ICOs shows that the returns of ICOs after their issuance are very similar to IPO underpricing. The potential of ICOs as an alternative fundraising option for businesses seems given and more transparency could make them even more attractive for companies and investors.

Suggested Citation

  • David Häfner & Dirk Schiereck, 2020. "Innovative Finanzierungen über Initial Coin Offerings: Struktur und bisherige Performance," ZfKE – Zeitschrift für KMU und Entrepreneurship, Duncker & Humblot, Berlin, vol. 68(2), pages 73-98.
    • Handle: RePEc:dah:aeqzfk:v68_y2020_i2_q2_p73-98
    DOI: 10.3790/zfke.68.2.73
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    Cited by:

    1. Korus, Arthur & Löher, Jonas & Nielen, Sebastian & Pasing, Philipp, 2021. "Fintechs: Chancen für die KMU-Finanzierung?," IfM-Materialien 288, Institut für Mittelstandsforschung (IfM) Bonn.

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