This article's object of study is Initial Coin Offerings (ICOs), which are a disruptive way for technological startups to raise funds by selling digital tokens. This modality, based on blockchain technology, expands access to investment to a wider audience, but also presents high risks due to high market volatility and lack of regulation. The bibliometric study focuses on key questions about ICOs, including their relevance as a source of investment for startups, regulatory challenges and factors that impact their success. To achieve the research objective of identifying success factors and challenges of ICOs, a rigorous methodology was adopted that included a systematic literature review, bibliometric analysis and content analysis. The study analyzed a sample of 120 articles published between 2018 and 2024, obtained from the Scopus indexed database. The data was organized into seven clusters with the help of the VOSviewer software. The research points out which are the most significant countries, institutions, authors and publications. The United States, China and the United Kingdom stand out as those that contribute most to the literature related to the subject. The results indicate future areas of investigation, including the environmental effects of ICOs, international regulations, and variations in different economic contexts. This study offers a contribution to the field of study of entrepreneurial finance, for academics, entrepreneurs, investors and decision makers seeking to understand the sustainable potential of ICOs in the financial sector.
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