Real Bedford FC Adds $4.5M in Bitcoin to Treasury for Promotion Bid
Key Insights:
- Real Bedford FC acquires 66.9 Bitcoin, totaling $5.37M, to fund their Premier League aspirations and ensure financial stability.
- Supported by Gemini and Winklevoss twins, RBFC pioneers using Bitcoin for sports management, aiming to reach the Premier League.
- The club’s unique Bitcoin strategy attracts global fans and sponsors, enhancing its journey from non-league to top-tier football.
Real Bedford FC (RBFC), an English non-league football club, announced its purchase of $4.5 million worth of Bitcoin as part of its strategy to secure promotion to the Premier League. The acquisition was made public by Peter McCormack, host of the “What Bitcoin Did” podcast and chairman of RBFC, who revealed that the club now holds 82.7 BTC in its treasury.
Bitcoin Acquisition and Financial Strategy
On Sunday, McCormack disclosed that the club had acquired 66.9 Bitcoin, bringing its total holdings to 82.7 BTC, valued at approximately $5.37 million. The purchase, amounting to $4,500,420.69, was made at an average price of $67,220 per Bitcoin. McCormack noted that the club’s total Bitcoin holdings were acquired at an average price of $64,925 per BTC.
McCormack explained that 15.8 Bitcoin, worth around $1 million, will be reserved for football-related expenses, while the remaining 66.9 BTC will be retained in the club’s treasury. This move is intended to achieve financial stability and sustainability for RBFC as it aims for higher league promotions.
A Unique Approach to Football Management
Peter McCormack, who acquired RBFC in 2021, has been leveraging Bitcoin as a cornerstone of the club’s financial strategy. He envisions transforming Real Bedford FC into the first “Bitcoin Club” and advancing to the first division. McCormack stated,
“Football teams are businesses, and successful football businesses allow for ambitious plans. Our decision to establish ourselves as the #bitcoin team has allowed us to tap into an international market of fans and sponsors.”
The club has experienced consecutive promotions, moving from the South Midlands League Division 1 to the South League Central Division 1 in the past two seasons. Despite these advancements, RBFC faces a challenging journey towards its Premier League dream.
Community and Industry Response
The announcement of the Bitcoin purchase generated excitement within the crypto community. Notably, Michael Saylor acknowledged the move, to which McCormack responded by referencing Saylor’s quote, “there’s no second best.” Community members expressed optimism about RBFC’s future, with one suggesting that the club “may end up with the most valuable sports team in history within 10 years.”
Jokes and enthusiasm circulated, with some speculating about potential player acquisitions and others showing interest in purchasing club merchandise through BTC payments. The club’s unique financial approach has garnered attention, positioning it as a pioneer in integrating cryptocurrency with sports management.
Support from Gemini and the Winklevoss Twins
In 2022, Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, became a multi-year sponsor of RBFC. This partnership aims to support the club’s ambitions to reach the Premier League. Earlier this month, Gemini extended its sponsorship for another five years, further solidifying its commitment to RBFC.
Gemini’s sponsorship deal, paid upfront in Bitcoin, is intended to support the club’s continued success and enhance opportunities for local children. The funds are directed to the club’s BTC treasury, providing a safeguard against high inflation.
The Winklevoss twins have also joined McCormack as co-owners of RBFC, investing $4.5 million in Bitcoin into the club. This transaction represents the largest investment ever made into a football club in the UK outside of professional leagues. McCormack clarified that this investment would not be used for players’ wages but would be kept in BTC for the club’s long-term strategy.
With its latest Bitcoin acquisition, Real Bedford FC continues to leverage cryptocurrency to achieve its goals of financial stability and sustainability. McCormack’s vision for RBFC as a “Bitcoin Club” aligns with the broader trend of integrating digital assets into traditional industries.
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