Zama, an open-source cryptography company, has successfully concluded its first Initial Coin Offering (ICO) on Ethereum, raising $118.5 million. The ICO, which ended on January 24, 2026, utilized a Dutch auction format with fully homomorphic encryption (FHE) to ensure bidding privacy. The auction attracted over 11,000 unique participants who submitted nearly 24,700 bids, resulting in a final liquidation price of $0.05 per token. The offering was oversubscribed by 318%, highlighting strong demand for Zama's cryptographic solutions.