I knew a startup that did something along these lines. Started out as a healthtech startup, decided to have an ETH-based ICO to raise funds, then paused and sat on their ETH reserves when the price went up while they "re-evaluated" their startup. Businesses have found that living off hype leads to easier riches than actually working on something.
It's like watching the South Park startup episode in real life.
They are still not sure what to do. I think it also messed with the team chemistry. Rather than 5 people working towards a common mission, it become 5 people thinking about cool projects they might like to spend their time on. The cohesion seems weaker, and I wonder how that will impact things when they have to come together on a product to deliver.
It's like watching the South Park startup episode in real life.