tl;dr
Real Bedford FC, an English football club, has purchased $4.5 million in Bitcoin as part of its long-term strategy to achieve promotion to the Premier League. The club acquired 66.9 Bitcoin, bringing their total holdings to 82.7 BTC, worth around $5.37 million. The purchase, announced by the club's ...
Real Bedford FC Acquires $4.5 Million in Bitcoin
Real Bedford FC, an English football club, has purchased $4.5 million in Bitcoin as part of its long-term strategy to achieve promotion to the Premier League. The club acquired 66.9 Bitcoin, bringing their total holdings to 82.7 BTC, worth around $5.37 million.
The purchase, announced by the club's chairman and host of the What Bitcoin Did podcast, Peter McCormack, aims to achieve financial stability and sustainability. The move is supported by Gemini founders Cameron and Tyler Winklevoss, who have also become co-owners of the club.
The club's ambition to become the first "Bitcoin Club" and its focus on cryptocurrency has garnered excitement from the crypto community. Additionally, Gemini's sponsorship of the club involves upfront payment in Bitcoin to support its success and benefit the local community. The investment in Bitcoin is intended for the club's long-term strategy and not for player wages.
Over the weekend, English Football club Real Bedford FC (RBFC) announced it had bought $4.5 million in Bitcoin to add to its treasury. The move is part of the non-league club’s long-term strategy to get promoted to the Premier League. The club’s dream has previously been supported by Gemini founders Cameron and Tyler Winklevoss.
Real Bedford FC Adds 66 BTC to Its Treasury
On Sunday, Peter McCormack, host of the What Bitcoin Did podcast and Chairman of Real Bedford FC, announced that the English football club had acquired 66.9 Bitcoin (BTC). This purchase raised the club’s holdings to 82.7 BTC, worth around $5.37 million. In the announcement, McCormack detailed that the purchase was valued at $4,500,420.69, with an average price of $67,220 per Bitcoin. Additionally, he noted that the total holdings have been acquired at an average price of $64,925 per BTC.
15.8 Bitcoin, worth around $1 million, will be “held in float for football matter,” said RBFC’s chair, while the remaining 66.9 BTC will be held in the club’s treasury. This move is part of the club’s strategy to “achieve financial stability and sustainability.”
The club has seen back-to-back league promotions, moving from the South Midlands League Division 1 to the South League Central Division 1 in the last two seasons. Nonetheless, the team has a long road ahead before achieving its Premier League dream.
Winklevoss Twins Support the Bitcoin Club
In 2022, Gemini became a multi-year sponsor of RBFC to support Real Bedford in its quest to reach the Premier League. Earlier this month, the crypto exchange extended its sponsorship contract for another five years, cementing its partnership with the club. Gemini announced that the deal will be “paid upfront in bitcoin, support the club’s continued success, and boost opportunities for children in the local community.”
Moreover, Cameron and Tyler Winklevoss joined McCormack as co-owners of RBFC earlier this year. The Winklevoss brothers invested $4.5 million in Bitcoin into the club. The transaction became the largest investment ever made into a football club in the UK outside of professional leagues.
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