Winklevoss Backed Football Team RBFC Acquires $4.5M Worth of Bitcoins

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Tanzeel Akhtar

Journalist

Tanzeel Akhtar

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Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.

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July 22, 2024 02:34 EDT

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Winklevoss backed UK-based non-league football club Real Bedford FC (RBFC) has made a significant acquisition of Bitcoin.

Peter McCormack, the club’s founder and a prominent crypto podcaster, revealed that RBFC has acquired $4.5 million worth of Bitcoin.

Real Bedford has acquired 66.9 BTC for $4,500,420.69 @ avg price of ~$67,220 per #bitcoin.

As of today, @realbedford HODLs 82.7 $BTC acquired for ~$5.37m @ avg price of ~$64,925 per bitcoin.

15.8 BTC is held in float for football matters, the rest is held in our treasury.

— Peter McCormack 🏴‍☠️ (@PeterMcCormack) July 21, 2024

RBFC now holds 82.7 Bitcoins, valued at $5.37 million, purchased at an average price of $64,925 per Bitcoin.

This strategic investment aligns with McCormack’s vision of leveraging digital assets to fuel the club’s ambitious ascent through the footballing ranks.

Backing the Underdog Team in Football

Real Bedford, situated in Bedford, UK, was acquired by McCormack in 2021. McCormack is showing ambition of propelling it into the football league, a journey that requires substantial financial backing and innovative strategies.

His background in crypto and his network within the crypto community, including support from Winklevoss Capital, provide a strong foundation for this mission.

McCormack said that 15.8 Bitcoin is allocated for football-related expenses, while the remaining balance is securely held in the club’s treasury.

In April, Winklevoss Capital, an investment firm founded by twin brothers Cameron and Tyler Winklevoss invested $4.5 million in RBFC.

Following the investment both of the Winklevoss brothers have a role as co-owners of RBFC alongside McCormack.

Football Teams Backed By Crypto Firms

Over the years, an increasing number of football clubs have received investments or sponsorships from crypto companies or individuals.

Southampton Football Club signed a sponsorship deal with Coingaming Group, a cryptosports betting platform.

Paris Saint-Germain partnered with Socios.com, a blockchain-based fan engagement platform, allowing fans to interact with the club through digital tokens called “Fan Tokens.”

FC Bayern Munich solidified its presence in the crypto space by sealing a multi-year partnership with Austrian firm Bitpanda.

AC Milan partnered with the cryptocurrency exchange BitMex. Watford FC has a sponsorship deal with Stake.com, a cryptocurrency sports betting platform.

Real Bedford FC’s acquisition of $4.5 million in Bitcoin marks a significant milestone in the fusion of sports and crypto.