English football club Real Bedford FC (RBFC) announced over the weekend that it has purchased $4.5 million in Bitcoin to bolster its treasury. The move is part of the non-league club’s long-term strategy to gain promotion to the Premier League. The club’s dream has already been backed by Gemini founders Cameron and Tyler Winklevoss.
Real Bedford FC Adds 66 BTC to 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). The purchase brought the club’s holdings to 82.7 BTC, worth approximately $5.37 million.
In the X post, McCormack clarified 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 were acquired at an average price of $64,925 per BTC.
RBFC's Chair annouced BTC purchase. Source: Peter McCormack on X
15.8 bitcoins, worth around $1 million, will be “held in reserve for football-related purposes,” the RBFC chairman said, while the remaining 66.9 bitcoins will be held in the club’s treasury. The move is part of the club’s strategy to “achieve financial stability and sustainability.”
McCormack bought RBFC in 2021 and bet on Bitcoin to secure the eighth division club’s long-term ambitions. The podcaster plans to turn Real Bedford FC into the first Bitcoin club and reach the top division.
Football teams are businesses, and successful football businesses enable ambitious projects to be realised. Our decision to establish ourselves as a #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 compete for championship titles.
The club have enjoyed two consecutive promotions to the Championship, moving up from the South Midlands League Division 1 to the South League Central Division 1 in the last two seasons. However, the team still has a long way to go before they realise their Premier League dream.
Following the news, the crypto community shared their excitement about the purchase. Michael Saylor acknowledged the announcement, to which McCormack responded by referencing Saylor’s quote that “there is no second best.”
McCormack's reply to Michael Saylor. Source: Peter McCormack on X
In the replies, one community member said the podcaster “could end up with the most valuable sports team in history within 10 years.” Another X user said “holding BTC for football is important.”
Others joked The club could buy Real Madrid player Kylian Mbappé for 2 BTC next season. In the meantime, many members of the crypto community have expressed interest in purchasing merchandise from the Club, which accepts BTC payments in its store.
Winklevoss Twins Support Bitcoin Club
In 2022, Gemini has become a multi-year sponsor of RBFC to support Real Bedford in their quest to reach the Premier League. Earlier this month, the cryptocurrency exchange extended its sponsorship deal for a further five years, cementing its partnership with the club.
Gemini announced that the deal will be “paid up front in bitcoin, supporting the club’s continued success and boosting opportunities for children in the local community.” The money will go directly into the club’s BTC treasury, which supports the RBFC’s goals “by protecting it against high inflation.”
Additionally, Cameron and Tyler Winklevoss The Winklevoss brothers joined McCormack as co-owners of RBFC earlier this year. The Winklevoss brothers invested $4.5 million in Bitcoin into the club. The deal became the largest investment ever made in a football club in the UK outside of the professional leagues.
The RBFC chairman explained that the investment would not be used for player wedges. Instead, it would be held 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 a 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
