Blockstream Launches Series 3 of BMN2 Security Token
Blockstream launches BMN2 Series 3, providing qualified investors with exposure to Bitcoin mining hash rate at below-market prices and leveraging carbon-neutral energy sources.
Bollywood Fever: On September 5, 2024, Bitcoin infrastructure developer Blockstream launched the third series of its security token, the Blockstream Mining Note 2 (BMN2).
This EU-compliant token offers qualified, non-U.S. investors direct exposure to Blockstream’s Bitcoin mining hash rate, supported by its enterprise-grade mining facilities in North America.
The launch is in collaboration with Luxembourg-based virtual assets service provider STOKR.
BMN2 entitles investors to Bitcoin produced by 1 PH/s (Peta hash per second) of Blockstream’s mining hash rate, presenting an opportunity for strategic market participation ahead of the next Bitcoin halving.
This latest offering follows the success of BMN1, which launched in 2021 and delivered a 32% Bitcoin return over its three-year term.
With growing investor interest in Bitcoin mining, Blockstream’s BMN2 aims to address gaps in the market by offering secondary market liquidity, long-term fixed rates, and immediate exposure, factors that other mining investment products often lack.
Chris Cook, Blockstream’s CIO, emphasized the stability of the BMN product in the volatile mining space, stating, “We created the BMN product to deliver a consistent hash rate with the goal of maintaining a strong and steady investment outcome.”
BMN2 Series 3 offers a below-market hash price of $21.23 for a 48-month term, translating to a fixed cost of $31,000 per PH/s. This is significantly lower than the current market price of around $41 PH/s/day.
The mining operations for BMN2 use 80% carbon-neutral energy, with hosting costs under $0.045 kWh, compared to the industry average of $0.065 for enterprises.
The token has raised nearly $7 million since its primary offering in July 2024, and Blockstream is confident it will continue to outpace traditional Bitcoin purchases.
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