The biggest advantage for ICO investors is potential liquidity. In traditional equity funding, backers needed to wait for a liquidity event—either a merger or acquisition or a public offering. Any of these options could be a long time coming if ever they arrived at all. It was not unusual for years and years to pass with no liquidity. With tokens, the sale can happen rapidly after the initial raise is finished. Many tokens would come onto the market mere months after the initial offering. This allowed successful investors to exit part of their position, collect profit, and reinvest. The ability to exit also allowed those investors to re-enter, increasing the pool of available early-stage money overall.