Blockstream Mining Note 2 (BMN2) Series 4 is now open for eligible investors on its primary digital marketplace, STOKR, for $35,000. Offered at a 51% discount to the current spot hashprice ($47.70 on October 15, 2024 at 1 AM UTC) — BMN2 Series 4 will run from Wednesday, October 9, 2024 through Tuesday October 22, 2024, unless sold out sooner.
Since the launch of the first BMN2 series on July 12, 2024, the MiDIF II-compliant security token has raised $13.8M with 472 BMN2 tokens issued globally.
Series 4 Token Pricing Transparency
On October 9, 2024, BMN2 Series 4 open date, the digital security had mined for 34 complete days, totaling 0.02386279 BTC valued at $1,484.79. The following formula provides a calculation of earnings achieved.
Table A: BMN2 Return on Investment at Series 4 Open
Each BMN2 entitles an investor to 1 PH of hashrate, the industry’s standard unit of measurement for hashrate derivative products. The investor owns the conversion right to the BTC revenue earned, unless sold on secondary markets.
BMN2 is issued at the close of the series the investment is entered (October 22, 2024 for Series 4), providing investors with immediate liquidity and greater investment flexibility. Sideswap, digital marketplace, and P2P OTC trading is available and supported among eligible investors.
The hashrate-backed token, BMN2, is uniquely priced per series based on current market conditions. Due to Blockstream’s established, institutional mining business and scalable, containerized facilities, BMN2 can be favorably priced despite recent constrained hashrate growth in an already challenging Bitcoin year.
Similar to BMN1, and in order to maintain fungibility with earlier issuances, Blockstream Mining includes the value equivalent to the previous BTC mined and current series projected mined amount in the new series price.
As with BMN2 Series 3 offering, Series 4 targets a 50% discount to current spot hash price. The figures below include the considerations for BMN2 Series 4 pricing.
Table B: BMN2 Series 4 Pricing Determinants
With our goal of providing a 50% discount to hash price, as well as a consideration of the initial BMN2 commitments, we chose an equitable offering price for all constituents.
(Discretionary Offering - Fungibility Cost) / Days Remaining = BMN2 Series 4 Hashprice
($35,000 - $2,096.17) / 1412 = $23.30
In an effort to educate our interested investors and provide transparency, Blockstream also publishes live BMN2 metrics on its dedicated performance dashboard.
We are committed to making BMN2 accessible to as broad a range of investors as possible, and are working with US providers and distribution platforms to facilitate this.
Join the Blockstream Finance Telegram group to keep abreast of the latest BMN2 developments. We’ll have more updates and announcements coming in the weeks and months ahead!