Table 6.

Number of contributions by address and mean investment amount

	Ln(mean investment in USD)	Mean investment in USD
	(1)	(2)
Number of ICOs invested in	0.240*** (89.61)	264.598*** (19.74)
Constant	6.108*** (1241.49)	1830.200*** (81.07)
N	257,073	257,073
R2	0.02	0.00

The unit of observation is an Ethereum address that has contributed to at least one of the ICOs in the investor sample. Coefficients are estimated using ordinary least squares. Dependent and independent variables have been winsorized at the 1 and 99% level. T-statistics calculated from robust standard errors are listed in parentheses below the coefficients. One, two and three asterisks indicate statistical significance at the 10, 5 and 1% level, respectively