Blockstream Mining Note: Tranche Eight Now Live on Bitfinex Securities
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Blockstream Mining Note: Tranche Eight Now Live on Bitfinex Securities

Jesse Knutson

The Blockstream Mining Note Series 1 (BMN1) is now available to qualified investors on Bitfinex Securities, a new security token (STO) platform and exchange.

Tranche eight will total €6,750,000 (~ $7,600,000) for an issuance of 25 BMN1, and will run from January 17 to January 31, 2022, unless sold out before that date.

As with previous tranches, and in order to maintain fungibility with earlier issuances, we will buy bitcoin in the market equivalent to the amount mined to date. For this round, in excess of 2.67 BTC or ~ €100,000 ($114,000) will be purchased and added per BMN exactly matching the amount mined on the day of power up.

Each BMN1 will be offered for  €270,000 (~ $300,000).

Please note that tranche eight is subject to different jurisdiction restrictions from our previous capital raises. Before signing up and completing the KYC process, we recommend reading the Bitfinex Securities Restrictions page to see if you are eligible.

For further details on tranche eight and future bitcoin-backed financial products, join the Blockstream Finance Telegram or contact Blockstream VP of Financial Products Jesse Knutson.

Token Allocation and Distribution

Unlike with the previous BMN1 tranche, which was capped at one BMN1 per investor, tranche eight is uncapped. In the future, there may be both capped and uncapped tranches offered on varying STO platforms.

BMN1 security tokens are expected to be distributed to buyers within one week following the completion of the capital raise. BMN1 withdrawal will be facilitated at a later date not yet determined.

Tranche eight is fungible with previous BMN1 tranches and will bring the total investment in BMN to almost €40 million (~ $46 million).

Trade BMN on Bitfinex Securities

As one of the first digital assets listed on the Bitfinex Securities, the BMN1 will be available to trade within the platform shortly after distribution.

Current holders of the BMN1 from previous tranches on STOKR will be able to whitelist and import their wallets to access the Bitfinex Securities trading platform once the market is live.

Investors can also trade at a much lower denomination (0.00001 BMN) within the Bitfinex Securities platform, ensuring a more precise price discovery process.

To participate in secondary trading on the platform, individual investors will need to meet one of the following criteria:

  • Buy >= 1 BMN in the primary issuance.
  • Purchase >= $100k BMN in the secondary market or deposit >= $100k BMN.
  • Sellers with a Bitfinex BMN balance < $100K can sell in any size, but will have all orders auto-converted to fill-or-kill.

Corporate investors are not subject to minimum wallet balances and can place orders in increments of 0.00001 BMN. Read more details on the Bitfinex Help Center here.

What is the BMN?

The BMN offers qualifying investors exposure to Bitcoin mining through a Luxembourg-regulated security token issued on the Liquid Network, a Bitcoin layer-2 sidechain. Each BMN1 entitles investors to up to 2,000 TH/s of Bitcoin mined over 36 months at our enterprise-grade mining facilities.

In the 195 days since mining began, each BMN has averaged 0.013 BTC per day for a total of 2.67 BTC per BMN.

You can track the mining process and other metrics, including a web calculator for comparing the BMN with hosting packages on our dashboard.

Register on Bitfinex Securities

As mentioned above, the BMN1 is only available to accredited investors in qualifying jurisdictions. After confirming you are eligible, investors can participate in the primary issuances on Bitfinex Securities by completing the KYC process on the main offering page.

Investors can reach out to Bitfinex Securities directly via their Help Center or join us on the Blockstream Finance Telegram for further guidance and discussion of the BMN.

The information above has been prepared solely for informational purposes only. It is not an offer to buy or sell or a solicitation of an offer to buy or sell any securities. Full terms and conditions are available on Bitfinex Securities.

We will never reach out directly to investors through social media or instant messaging. If you receive any messages from someone claiming to be from Blockstream and offering mining investments, report them to us through the Blockstream Scam DB.

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