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As a way to make its STO more accessible to investors all over the world, Blockstream said it plans to list the BMN token on Bitfinex Securities Ltd, a regulated new security token (STO) exchange.
Blockstream, a Canadian blockchain technology company has announced the successful completion of the sixth tranche of its Blockstream Mining Notes (BMN) which it said was oversubscribed. The total raise came in at €13.9 million ($16.1 million), and it brings the total funds raised for the firm’s Security Token Offering (STO) to €30.9 million (~ $36 million).
“We are excited to announce the successful completion of tranche six of the Blockstream Mining Notes,” Blockstream said in its official update. “Tranche six was the largest tranche issued to date at €13.9 million ($16.1 million) and drew interest from a wide range of individual and institutional investors. The completion of tranche six brings the total number of BMN1 issued to more than 122, the total number of investors to just shy of 70.”
Various investors have been exploring alternative ways to bet on the price of Bitcoin (BTC) and the broader digital currency industry. While the legacy option of stacking up on the coin remains evergreen, the avenue to gain more active exposure remains a major yearning for most investors. The Blockstream security token offering is one of the options through which investors can mine BTC without directly investing in the mining machines and data centers.
“The BMN provides qualifying investors exposure to Bitcoin mining through a security token issued on the Liquid Network. Each BMN1 entitles investors to up to 2,000 TH/s of Bitcoin mined at our enterprise-grade mining facilities,” Blockstream said in the official announcement.
The company recanted the profitability of the mining operation as a total of 1.67 BTC has been recorded per user in the past 107 since mining began, atop an average of 0.01561 BTC per day raked in by each BMN token.
Blockstream to List Its BMN STO on Bitfinex
As a way to make its STO more accessible to investors all over the world, Blockstream said it plans to list the BMN token on Bitfinex Securities Ltd, a regulated new security token (STO) exchange. Per the company’s plans, the BMN token will be listed in the mid-fourth quarter and is on track to become the first asset to debut on the Bitfinex affiliated trading platform.
Additionally, the company highlighted that the BMN token will also be available on STORK as future tranche sales. Investment in the Blockstream BMN STO both on the Bitfinex platform, or in future tranches will require investors to pass through Know Your Customer (KYC) checks for compliance purposes. The firm said its products are not available to US investors, as it looks to avoid crackdowns as suffered by preceding token issuers including social media giant Telegram.