This study examines collaborative blockchain investment announcements as signals for collaborative problemistic search capability, exploring their impact on innovation outcomes and long-term value (abnormal returns). However, adopting blockchain technology poses challenges like information overload, necessitating firm-level coping strategies to influence innovation outcomes effectively. By focusing on the need for firms to build such decentralized IT capabilities in response to innovation performance gaps, we highlight the importance of internal and external knowledge invigoration as coping strategies for firms to make sense of the information overload they face. Employing a dichotomized view of knowledge re-invigoration beyond patenting activities, the study argues its effects as firm coping strategies amid information overload (relative to focal firm industry peers and data sample peers). The investigation will shed light on the conditions under which firms facing information overload benefit from their blockchain investment announcements.