Initial Coin Offerings (ICOs) present blockchain entrepreneurs an alternative avenue to funding their initiative while simultaneously supporting the platform imperative of igniting their transactional market. White papers have been a component of blockchain and cryptocurrency initiatives since the advent of Bitcoin. These documents play a key role in signaling to potential token buyers the purpose, competitive position, and expected strategic trajectory of the firm. We build 5 research propositions around the practice of ICOs and white papers as key strategic instruments. These research propositions aim to further our understanding of the practice and implications of actions that are within managers’ control. Propositions explore strategic decisions related to organizational form, token allocation patterns, post-ICO fundraising planning, risk disclosure, and technological alignment. Implications for researchers support further differentiation in ICOs as fundraising mechanisms and support token buyers as a novel class of investors.