Blockstream Prepares to Launch Bitcoin Based New Investment Instrument!

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• Following the high demand for its first series, Blockstream is gearing up to launch Series 2 of the Blockstream ASIC (BASIC) Note, a Bitcoin-denominated investment instrument.
• According to Dr. Adam Back, CEO, and co-founder of Blockstream, the response to Series 1 reflects an increasing interest in Bitcoin-focused investments.
• Each series exports a unique set of BASIC Notes through the Liquid Network, a sidechain protocol built on the Bitcoin blockchain.

Bitcoin infrastructure company Blockstream is preparing to launch the second series of its Bitcoin-based investment instrument following the high demand for the first series!

Blockstream Launches Bitcoin Investment Instrument

Bitcoin infrastructure company Blockstream is gearing up to launch Series 2 of the Blockstream ASIC (BASIC) Note, a Bitcoin-denominated investment instrument, following the high demand for its first series. The Series 1 Note, launched in September, closed with over $5 million, surpassing Blockstream’s target.

Series 2, in collaboration with Luxembourg-based digital securities platform Stokr, aims to target qualified non-U.S. investors looking to evaluate historically low prices for Bitcoin mining hardware or Application-Specific Integrated Circuits (ASICs). Blockstream has not disclosed the target for the second series.

According to Dr. Adam Back, CEO, and co-founder of Blockstream, the response to Series 1 reflects an increasing interest in Bitcoin-focused investments. Back stated:

“With Series 2, we aim to leverage this momentum by providing non-U.S. investors with a strategic entry point into the Bitcoin ASIC market through a Bitcoin-based product. Our focus on efficient miner procurement and strong industry relationships positions us uniquely for the upcoming 2024 halving and beyond.”

Focus on high-efficiency ASIC miners

A total of $4.88 million from Series 1 was allocated to the purchase of high-efficiency Antminer S19k Pro ASIC miners using its relationship with wholesale distributor Sunnyside Digital to secure bulk discounts. The remaining funds were set aside to cover costs.

Following the purchase of these miners, there was a 9.25% increase in ASIC prices affected by the rise in Bitcoin prices, and the pricing of ASICs in Bitcoin was still approximately 6.6 times lower than in January, according to Blockstream.

Each series exports a unique set of BASIC Notes through the Liquid Network, a sidechain protocol built on the Bitcoin blockchain. The BSIC1 token can also be used for peer-to-peer swaps through SideSwap, a client of the Liquid Network’s settlement infrastructure.