Chris Burniske, blockchain products lead at ARK Investment Management, the first public fund manager to invest in bitcoin, explained, “It’s important for us to figure out what’s utility and what’s speculative, because, in times of correction, we will likely compress through speculative value until we hit utility value.”

… fielding an audience question about why a startup would go for an ICO in which it would raise a lot of money but also give away much of the company with a low probability of being able to get more funding, Wilson responded, “If you think about it as just a way to finance your company, you’re not thinking about it properly. The way to think about it is that the token is also the native monetization model for your business, and if you execute your business well, the value of that token should rise as the utility of the product you ship goes up in value.” Then, he said, though you’re giving away a lot of the tokens right away, the value of the tokens you keep should rise substantially and net you a tidy profit. For example, he and Mougayar speculated that Ethereum founder Vitalik Buterin had a half percent of all Ethers, which at that moment was about $90 million.

Source: Bubble? So What? Token Summit Marks Cryptocurrency’s Revitalization