Real Bedford FC, a football club based in the UK, has announced an additional acquisition of $4.5 million worth of Bitcoin.
The founder of the non-league club, Peter McCormack, noted that the club had purchased 66.9 BTC valued at $4.5 million at the time of purchase. The coins were purchased at an average price of $62,220.
The club is yet to make profits from its recently acquired stash. Bitcoin was trading at $67,105 on July 22 at 10:22 a.m. EST.
UK Football Club Invests $4.5M in Bitcoin
McCormack noted that following the recent purchase, the UK football club now holds 82.7 BTC purchased at $5.37 million. The club purchased the BTC at an average price of $64,925 per coin.
McCormack noticed that part of its Bitcoin holdings, 15.8 BTC, will be used towards meeting the club’s football objectives. The rest of the coins will be held within the club’s treasury.
McCormack is one of the crypto industry’s pundits. He is behind the “What Bitcoin Did” podcast. He has also invented himself as a blogger and a crypto investor, with most of his investment in the industry going towards Bitcoin.
The decision to acquire Bitcoin for the football club aligns with McCormack’s plan to use digital assets to help the club achieve its vision. He also hopes that digital assets will help the club fulfill its ambitions in the industry.
McCormack acquired this football club in 2021. He aimed to create a transformative football club that would meet various objectives.
Over the years, the Bitcoiner has received backing from the crypto community for this project. This includes a $4.5 million investment into the club by Gemini co-founders Tyler and Cameron Winklevoss.
The Winklevoss twins are also co-owners at this football club alongside McCormack.
Sports Clubs Embrace Crypto
The recent purchase of Bitcoin by Real Bedford adds to the list of sports clubs embracing digital assets and the underlying blockchain technology.
The Southampton Football Club secured a sponsorship deal with a crypto-based betting platform, Coingaming Group. The deal sought to bring digital asset offerings into the sports industry.
Paris Saint-German, one of the leading football clubs in Europe, is also working with the Socios fan engagement platform. Socios is a fan engagement platform that runs on blockchain, and it seeks to boost engagement using fan tokens.
Most deals between sports clubs and digital asset platforms revolve around sponsorships and similar deals. However, the recent deal by Real Bedford sets a new record as it allows digital asset players to manage and run clubs in a way that fulfills their blockchain-based objectives.
