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.
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.”
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.
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.”
Winklevoss Twins Support The Bitcoin 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.”
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.