The initial coin offering boom helped cause Ethereum prices to skyrocket and sparked a bull run across the cryptocurrency market in 2017, as new investors flocked to the space in hopes of funding the next big project launch and raking in untold profits. However, 2018 came and the cryptocurrency bubble popped, sending Ethereum prices plummeting, struggling to reach new highs.

Much of the 2018 selloff was fueled by ICO issuers seeking to preserve their raised capital before tumbling Ethereum prices washed away their reserves. According to new data provided by margin-trading cryptocurrency exchange BitMex, those ICO issuers have sold off most of their Ethereum at a higher value as than when they received it, and are sitting pretty in substantial profit.

The data reveals that blockchain-based startups raised a total of $5.463 billion worth of Ethereum from ICOs by September 2018. During the same period, the blockchain startups sold a total of $5.452 billion in Ethereum. The data also shows that the majority of the firms sold their Ethereum at a higher value than when it was first received, making it possible for the firms to have achieved their funding goals in USD value, while holding onto a reserve of Ethereum.

The report points out that EOS alone raised nearly 50% of all the Ethereum analyzed in the report, selling all available Ethereum for a net realized profit of about $68 million. Other startups sold at much higher amounts than EOS developers Block.one. In total, all other ICO issuers sold their Ethereum for $692 million in profit.

Despite ICOs having realized a total of $727 million in profit, ICO issuers have roughly $830 million in Ethereum left in reserves – the rest of which is entirely profit.

BitMex’s report highlights the fact that the ICOs don’t “panic” sell and have a profit-taking strategy in place, therefore it is unlikely ICOs will sell remaining Ethereum reserves with prices this low. BitMex also suggests that even if they were to sell the remaining Ethereum stores, it is unlikely the selloff would greatly affect prices, as the remaining 3.9 million Ethereum cited in the research would only amount to roughly 4% of the total Ethereum circulating supply.