Real Bedford FC (RBFC) has purchased $4.5 million worth of Bitcoin. This move is part of their long-term strategy to reach the Premier League. It is going to become the first crypto football club ever if it is going to work out well.
RBFC now holds 82.7 Bitcoin, valued at approximately $5.37 million. The club's chairman, Peter McCormack, shared details of the purchase on social media. They bought 66.9 Bitcoin at an average price of $67,220 each.
McCormack, who hosts the What Bitcoin Did podcast, acquired RBFC in 2021. He's betting on Bitcoin to secure the eighth-tier club's future. "Our decision to establish ourselves as the #bitcoin team has allowed us to tap into an international market," he said.
The club plans to hold 15.8 Bitcoin, worth about $1 million, for "football matters". The remaining 66.9 Bitcoin will stay in the club's treasury. This strategy aims to achieve financial stability and sustainability.
RBFC has seen back-to-back league promotions in recent seasons. They've moved from the South Midlands League Division 1 to the South League Central Division 1. But they've still got a long way to go before reaching the Premier League.
The crypto community's reaction to the news was largely positive. Some joked about buying star players with Bitcoin. Others expressed interest in purchasing RBFC merchandise, which can be bought with Bitcoin.
Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, is a key supporter of RBFC. They recently extended their sponsorship deal for another five years. The deal will be paid upfront in Bitcoin.
Earlier this year, the Winklevoss twins became co-owners of RBFC. They invested $4.5 million in Bitcoin into the club. It's the largest investment ever made into a UK football club outside professional leagues.
McCormack clarified that the investment won't be used for players' wages. Instead, it's part of the club's long-term Bitcoin strategy. They're betting on cryptocurrency as a vehicle for financial stability.