The Real Bedford Football Club, renowned for its pro-crypto stance, has recently increased its Bitcoin holdings with a substantial acquisition of the digital asset.
According to an X post from club chairman Peter McCormack, the club acquired 66.9 BTC at an average price of approximately $67,220 per Bitcoin (BTC), totaling $4,500,420.69.
Banking on Bitcoin
This latest acquisition brings Real Bedford’s total Bitcoin holdings to 82.7 BTC, acquired at a cumulative cost of around $5.37 million. The club’s Bitcoin stash's average purchase price now is about $64,925 per Bitcoin.
Of the total Bitcoin holdings, McCormack posted that 15.8 BTC is designated for operational purposes related to football activities.
The remaining balance is held securely in the club's treasury, highlighting Real Bedford's strategy of utilizing Bitcoin not only as a financial asset but also as an integral part of its daily operations.
Real Bedford FC is a non-league football club based in the town of Bedford in the UK. McCormack acquired the team in 2021 who then set the ambitious goal of getting the team into the football league.
Buying up Bitcoin
This move aligns with the club’s broader vision of leveraging cryptocurrency for stability and growth.
Real Bedford FC’s proactive stance on cryptocurrency reflects a growing trend among organizations seeking to diversify their assets and explore new financial landscapes.
As the club continues to build its presence both on and off the field, its adoption of Bitcoin sets a precedent for other clubs and businesses considering similar financial strategies.
Businesses within the crypto space have also been “stacking” Bitcoin in recent purchases and sellers are becoming more reluctant to let go of their holdings. This includes the Bitcoin investment firm Metaplanet, which purchased 21.88 BTC on July 16.
According to analysts Bitcoin’s price currently stands only 8% off of its all-time high following the news of United States president Joe Biden stepping down as the nominee for the Democratic party in the 2024 election.