English football club Real Bedford announced over the weekend that it has bought $4.5 million worth of Bitcoin to add to its coffers. The move is part of the non-professional club’s long-term strategy to gain promotion to the Premier League. The club’s dream has previously been backed by founders Gemini Cameron and Tyler Winklevoss.
Real Bedford FC Adds 66 BTC to Its Vault
Peter McCormack, host of the What Bitcoin Did podcast and chairman of Real Bedford FC, announced on Sunday that the English football club had acquired 66.9 bitcoin (BTC). The purchase brings the club’s holdings to 82.7 bitcoin, worth about $5.37 million.
In the X post, McCormack explained that the purchase value was $4,500,420.69, at 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 bitcoin.
RBFC's Chair annouced BTC purchase. Source: Peter McCormack on X
The Red Bulls president said 15.8 bitcoins, worth around $1 million, will be “held on the exchange for football purposes,” while the remaining 66.9 bitcoins will be kept 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 has been betting on Bitcoin to secure the club’s long-term ambitions of reaching the eighth tier. The broadcaster plans to turn Real Bedford FC into the first Bitcoin club and reach the top flight.
Football teams are businesses, and successful football businesses allow for ambitious plans. 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 build a sustainable revenue model as we compete for league titles.
The club has enjoyed successive promotions up the league, moving from the South Midlands League Premier Division to the South Central League Premier Division in the past two seasons. However, the team has a long way to go before achieving their Premier League dream.
After the news broke, the crypto community expressed excitement over the purchase. Michael Sailor acknowledged the announcement, and McCormack responded by pointing to Sailor’s quote, “There’s no better than the second.”
McCormack's reply to Michael Saylor. Source: Peter McCormack on X
In the responses, one community member said that the podcaster “could end up owning the most valuable sports team in history in 10 years.” Another user X noted that “keeping BTC for football is a big deal.”
Others Joking The club may buy Real Madrid player Kylian Mbappe for 2 bitcoins next season. Meanwhile, several members of the cryptocurrency community have expressed interest in purchasing merchandise from the club, which accepts payments in bitcoin in its store.
Winklevoss Twins Support Bitcoin Club
In 2022, Gemini became a multi-year sponsor of RBFC to support Real Bedford in their quest to reach the Premier League. Earlier this month, the crypto exchange extended its sponsorship deal for another five years, further strengthening its partnership with the club.
Gemini said the deal will be “paid upfront in Bitcoin, supporting the continued success of the club and enhancing opportunities for children in the local community.” The money will go directly into the club’s coffers in the digital currency, which supports the goals of Royal Red Bulls Football Club “by protecting against high inflation.”
Furthermore, Cameron and Tyler Winklevoss joined McCormack as co-owners of the Red Bulls earlier this year. The Winklevoss brothers invested $4.5 million in Bitcoin into the club, making it the largest ever investment in a UK football club outside of the professional leagues.
The president of Real Bedford Football Club explained that the investment will not be used to buy player shares. Instead, it will be held in Bitcoin for the club’s long-term strategy. With its latest Bitcoin acquisition, Real Bedford Football Club continues to bet on the leading cryptocurrency as a means to achieve 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