RT Journal Article SR Electronic T1 Initial Coin Offerings: Economic Reality or Virtual Economics? JF The Journal of Private Equity FD Institutional Investor Journals SP 41 OP 52 DO 10.3905/jpe.2018.21.4.041 VO 21 IS 4 A1 Mark Anson YR 2018 UL https://pm-research.com/content/21/4/41.abstract AB Since the birth of Bitcoin in 2009, digital currencies have grown exponentially, spurring debate over their legitimacy. Despite their controversy, they are now impacting the way start-up companies raise capital to finance their initial operations. Called Initial Coin Offerings (ICOs), these funding vehicles raised over $4 billion in 2017. In this article, the author explores the economics of ICOs, and consider their risks and regulatory implications, and their placement within the capital structure of start-up companies.TOPICS: Private equity, legal/regulatory/public policy, currency, risk management