English Football Club Owned by Bitcoiner Adds $4.5 Million Bitcoin to Its Treasury

English football club Real Bedford (RBFC) has added a whopping $4.5 million worth of Bitcoin to its treasury. The club's chairman, Peter McCormack, who also happens to be a Bedford resident and well-known crypto podcaster, announced the purchase of 66.9 BTC at an average price of $67,220 per coin on Twitter.

The exact purchase price was a very meme-friendly $4,500,420.69, he said.

McCormack added the Bitcoin investment is part of Real Bedford FC's plan to climb the ranks of English football to reach the Premier League.

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McCormack took over the club in 2021, when it was a tenth-tier club. Since then, the club has won the Bedfordshire Senior Trophy and the Division One title—which earned the team a promotion to the ninth-tier Premier Division. It's still got a long way to go to reach the Premier League, which is the top level in England.

While 15.8 BTC have been earmarked for soccer-related expenses, the majority of the funds will be used to improve facilities and support community-building initiatives. The club's total Bitcoin holdings are now worth over $5.37 million.

The crypto community applauded Real Bedford FC's move. Microstrategy chairman Michael Saylor from MicroStrategy gave a nod of approval with a “Real ₿edford” reply. The club's Bitcoin investment is particularly timely, given the cryptocurrency's recent surge to around $68,000.

Since McCormack took over the club, Tyler and Cameron Winklevoss, co-founders of crypto exchange Gemini, have also thrown their support behind RBFC.

In 2022, Gemini became a multi-year sponsor of the club. And earlier this month, they extended the sponsorship for another five years. Cameron and Tyler Winklevoss also joined McCormack as co-owners of RBFC earlier this year, investing $4.5 million in Bitcoin into the club—the largest crypto investment ever made into a UK football club outside the professional leagues.

Edited by Stacy Elliott.