In December 2015, IOTA held an initial coin offering for its IOTA tokens, by offering 1 MIOTA (1 million IOTA) for $0.001 worth of bitcoin. All IOTA tokens were created at the start of the ICO, and the total supply of IOTA was capped at 2.8 quadrillion. (A quadrillion is a number followed by 15 zeros.) At the conclusion of the ICO, the project raised around $500,000 for the development of the project, and IOTA opened a portal for ICO investors to claim their MIOTA. While the IOTA team didn’t reserve any MIOTA for early backers or developers, only 60% of the MIOTA supply was claimed by ICO participants, and so the remaining 40% went back to the project.