The post Blockstream Opens New Funding Round For Its Second Bitcoin Mining Security Token appeared on BitcoinEthereumNews.com.

Today, Blockstream opens the series 3 round for its second Mining Note — the BMN2. The note will be available to eligible non-US investors and has been repriced from the series 1 and 2 rounds, which occurred on July 18. This round of the BMN2 is priced at $31,000 petahash per second (PH/s), or a hash price of $21.23. Investors who purchased the BMN2 in the series 1 and 2 rounds, during which the note sold at a higher price, will be awarded extra BMN2 to make up for the difference in price between the first two rounds and the third. The issuance of the BMN2 comes on the heels of the success of the first Blockstream Mining Note, the BMN1, which provided a 32% return over BTC. Details of the BMN2 The BMN2 will be a hashrate-backed security token offering (STO) issued on Blockstream’s Liquid Network by Luxembourg-based virtual asset service provider (VASP) Stokr. The note offers 1 PH/s at Blockstream’s North American mining operations for four years. “Hashrate contracts are typically 30 days up to six months,” James Macedonio, Senior Vice President of Global Sales at Blockstream, told Bitcoin Magazine, highlighting how the duration of Blockstream’s note differs from other financial products like it. “Rarely do you see [contracts] even go to 12 months.” Blockstream is offering the note in 1 PH/s increments because petahash has become the industry standard for measuring hash price, and the contract’s duration corresponds with the four-year Bitcoin halving cycle. “We wanted to lock in a hash price for customers for four years, which will basically run until the next halving,” he said. The minimum investment for professional investors is $10,000, while non-professional investors have a $115,000 minimum investment threshold. Shares of the STO will be fungible and will be available for trading,…

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Filed under: News - @ September 5, 2024 10:27 am