Real Bedford Football Club acquires 66.9 BTC worth $4.5 million
Date: 2024-07-23 Author: Henry Casey Categories: BUSINESS
British football club Real Bedford recently announced the purchase of 66.9 BTC worth $4.5 million. The average purchase price was $67,220 per Bitcoin, reflecting the club's confidence in digital assets as an investment vehicle. After this acquisition, the total amount of cryptocurrency on the club’s balance sheet increased to 82.7 BTC, which is estimated at $5.37 million. The average purchase price of all bitcoins in the club's portfolio is $64,925.
Bitcoin storage strategy and use
According to the club's statement, out of the total supply of 82.7 BTC, 15.8 BTC is earmarked for use in the club's football affairs such as operational expenses and other financial needs. The remainder of the cryptocurrency is held in reserve, highlighting Real Bedford's strategic approach to managing its Bitcoin assets.
Let us recall that in April 2024, the Winklevoss brothers, the founders of the Gemini cryptocurrency exchange, became co-founders of Real Bedford and invested $4.5 million in bitcoins into the club. This investment was part of the club's strategy to integrate cryptocurrencies into its financial model and asset management.
Trends among football clubs
Real Bedford are not the only football club to show interest in cryptocurrencies. At the beginning of June 2024, the English team Watford announced the trading of fan tokens, continuing the trend of introducing digital assets into the sports industry. The move confirms clubs' growing interest in using cryptocurrencies and blockchain technologies to expand opportunities and strengthen financial sustainability.
Real Bedford's bitcoin acquisition highlights a growing trend among sports organizations to integrate cryptocurrencies into their financial strategies. Investments from influential figures such as the Winklevoss brothers and subsequent moves from other football clubs show that cryptocurrencies are becoming an important element in managing sports assets and enhancing fan engagement.
