Big changes coming to Mythic Markets
UPDATE 11/9/21
Last weekend, Heritage Auctions sold our Magic: The Gathering assets in their Trading Card Games Signature Auction. Here are the preliminary results:
Alpha Black Lotus (Lot 36011): $130,000
1994 Booster Boxes (Lots 36022, 36024, 36026, 36028, 37035): $87,625
Benalish Hero Art (Lot 36031): $36,000
These values do not include HA’s fees and are subject to change as they reconcile the auction.
Next steps
Once the auction is fully reconciled on December 22, Heritage Auctions will send us the final statement and payment.
We’ll email investors about the exact cash payout per share, minus auction fees, taxes and closing expenses.
We’ll then distribute the payment via physical check depending on your ownership percentage.
UPDATE 10/4/21
The Mythic Marketplace and associated user accounts are now closed.
UPDATE 9/23/21
MTG card and comic book assets will be auctioned through Heritage Auctions.
The Alpha Black Lotus (MTG-ABL90) and 1994 Booster Boxes (MTG-94BOX) will go to auction on November 6-7.
Amazing Fantasy #15 (COM-AF157) and Fantastic Four #1 (COM-FF160) will go to auction on November 18-19.
Heritage is currently in the process of getting the photos up on their site - keep an eye out! We hope to give you an update on the Benalish Hero art (ART-BHERO) in the next couple weeks.
Our marketplace will close on Monday, October 4, at noon PDT. All user accounts will be closed and you will no longer be able to log in - but your profile, portfolio, and trading data will still be safe and maintained by our broker dealer and transfer agent partners for up to 6 years, per regulatory requirements.
What to do now
If you own shares, make sure your address is up to date so we can mail you a check after the assets are liquidated. You'll also receive an email detailing the proceeds you will receive from the sale.
Withdraw any remaining funds from your account before we close the marketplace. If you don't do so by September 30, you grant us permission to transfer the funds to your bank account on record.
Save or take screenshots of your account data for your records if you like.
6/16/21
Over the last couple years, we’ve seen awareness and interest in fractional and alternative investments grow by leaps and bounds. We’ve learned a lot about the inner workings and opportunities of this new industry.
And now we’re applying those learnings to a big new project, which we’ll be able to share more about soon. Let’s just say, if you’re one of the (many) people who wanted to see more assets and liquidity - we’ve got you, in a big way.
Even more exciting, it will make fractional and alternative investing even more accessible, interesting, and dynamic to more people. That said, as we move forward in pursuit of that mission, we’ve decided to shift our strategy.
As of today, trading is halted on our platform. This is the first step in a multi-part transition for Mythic Markets.
We wish we could have given you more forewarning, but there was no other way to break the news without affecting the market.
Over the course of the next few months, we intend to liquidate the assets and close the current marketplace. If you’re a shareholder in any of the assets, your shares will be redeemed and you’ll be paid out as outlined in the offering circular (details below).
Like all startups, we knew there was a chance of changing course. Thank you from the bottom of our hearts for taking that chance with us. We’ll make every effort to make this transition as smooth (and rewarding) as possible for you.
In the meantime, remember to withdraw any cash you've deposited into your account for trading. No other action is required.
Thank you so much for your support over these last few months and years. We’ll let you know more soon.
Sincerely,
The Mythic Markets Team
Here’s what to expect
Timeline
The exact timeline will depend on sale and auction schedules. We’ll send you follow up emails as we know more and nail down an exact date for the marketplace closure.
User accounts and information
When the marketplace closes, you will no longer be able to log in. Our broker dealer partners are required to maintain investor and trading information for at least 3 years, for regulatory purposes.
Cash withdrawals
If you have cash in your account for trading, you can withdraw it anytime. Your brokerage account will be closed once the transfer is completed.
Open offerings
Partially-filled initial offerings (All-Star Comics #8 and NES Metroid) will be cancelled. All funds will be returned directly to investors’ bank accounts via ACH within 1-3 business days of cancellation.
Liquidation
We intend to sell all assets to private parties or at auction. As part of the process, our goal is to realize the highest and best market price on behalf of shareholders.
If an asset is liquidated, you’ll receive a notice of the sale price and net price per share. Your portion of the proceeds is determined by the net price per share multiplied by the number of shares you own. Shares will be cancelled once they're redeemed.
Proceeds distribution
Proceeds will be delivered via ACH to your linked bank account. (This would be a good time to check that the information is up to date.) You will receive a Form 1099 by January 31, 2022.
Timing of each sale will be determined by the market, so you may receive multiple notifications at different times if you invested in more than one asset.