Mycelium ICO - Smith + Crown

Mycelium ICO

Mycelium, an open-source cryptocurrency wallet, is selling 5% of its stake in an ICO to fund additional features and a new business model.

Mycelium, an open-source bitcoin wallet, is selling 5% of the company in an ICO. Mycelium has been one of the longest running and most widely used wallets in the market. This crowdsale will raise funds for a new feature-rich wallet, which will include a plug-in API allowing anyone to integrate their services directly into the wallet; added support for various currencies and digital assets; support of various platforms at once. Mycelium sees itself as providing Bitcoin-like financial management to digital and fiat assets. Others can build services and plugins on top of it.

This crowdsale is a little different from others: the tokens being sold are actually assets representing ownership in the Mycelium Wallet. They act like shares which give dividends in future Wallet growth. They are not technically shares or assets, but the team does have a lawyer who has vetted the arrangement.

Legally, they are known as Stocks Appreciating Rights (SARs), which are typically given out as cash bonus plans to employees. Token owners can either sell them on the open market at any moment or redeem in the case of an IPO, an issuance of new shares; a capital increase; a sale, merger, or acquisition of the entire company. They can also later be converted to class B shares if Mycelium Wallet initiates an IPO. They will exist as Mycelium Tokens issued by the protocol over the Bitcoin blockchain.

They are selling 5% of total eventual shares. These will be non-dilutable. The next 20% will be dilutable.

Coin Distribution

Mycelium tokens will be distributed on May 18th, at the conclusion of the ICO, to bitcoin addresses

Escrow Used



There is no set rate per share. The 5% being distributed will be divided proportionally among funders. This will be based on the USD/BTC rate at time of close, not at time of investment.

Project Valuation

Currently unknown, the valuation will be 20x what is raised, based on the amount collected in BTC x the USD/BTC price at time of sales closing.

Currencies used


How do the coins or tokens work?

How are they used?

The tokens represent ownership in the Mycelium wallet. They can be traded to others, though the team requests that you notify them of any changes in ownership.

What is the market for these coins?

The value of the Mycelium token will depend on the value of the Mycelium wallet and the revenue it brings in. While the wallet is open source, access to their market is not, and any services using Mycelium’s wallet will be charged a small fee based on their sales.

How are they produced?

Future distribution of these tokens will depend on Mycelium. They may issue another 20% in a year.

It is worth noting that these tokens do not have legal status (no ICO coins do, by the way). The SAR framework describes how they should work, given the contractual terms and conditions, which would be enforced in Latvian courts. However, they are not legal constructs representing legal ownership or legal rights.

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All of Smith + Crown’s announcements for ICOs should not be construed as investment advice. In addition, some of the information contained above may be changed after we posted this; we urge the reader to read all source material before investing or passing judgment. If you see anything that has become obsolete, let us know.