$4.5M In Bitcoin Added To English Football Club’s Treasury
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 X post, 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.
RBFC's Chair annouced BTC purchase. Source: Peter McCormack on X
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.”
McCormack purchased RBFC in 2021 and has bet on BTC to secure the eighth-tier club’s long-term ambitions. The podcaster plans to turn Real Bedford FC into the first Bitcoin Club and reach the first division.
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, allowing us to sustainably build a revenue model where we challenge for league titles.
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.
Following the news, the crypto community shared its excitement about the purchase. Michael Saylor acknowledges the announcement, which McCormack replied by referencing Saylor’s “there’s no second best” quote.
McCormack's reply to Michael Saylor. Source: Peter McCormack on X
In the replies, a community member said the podcaster “may end up with the most valuable sports team in history within 10 years.” Another X user stated that “holding BTC for football matters.”
Others joked that the club could buy Real Madrid player Kylian Mbappé for 2 BTC next season. Meanwhile, many crypto community members showed interest in purchasing merchandise from the Club, which accepts BTC payments in its store.
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.” The money would go directly to the club’s BTC treasury, which supports RBFC’s goals “by safeguarding it against high inflation.”
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.
RBFC’s chair explained that the investment would not be used for players’ wedges. Instead, it would be kept in BTC for the club’s long-term strategy. With its latest BTC acquisition, Real Bedford FC continues to bet on the flagship cryptocurrency as the vehicle for its goal of financial stability.
Bitcoin is trading at $67,540 in the weekly chart. Source: BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
