Particula Rating Abstract: Blockstream Mining Note (BMN2), March 2025
Particula assigns an AA- rating to the issuance of the Blockstream Mining Note (BMN2) token by Blockstream Mining as of March 5, 2025. BMN2 token represents an unsecured note facilitating a revolving loan facility for Bitcoin mining.
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The rating acknowledges the multi-jurisdictional setup with strong regulatory compliance, enhanced product structure providing investor access through a bankruptcy-remote framework, demonstrated potential for attractive returns from Bitcoin mining, and effective token issuance oversight by the experienced STOKR team. However, the rating also considers the long-term investment horizon, potential legal risks with limited recourse, constraints of the Liquid Network, and the inherent variability in Bitcoin mining returns, as challenges which could affect BMN2’s overall risk profile.
Rating:
AA- rating* assigned by Particula in March 2025 for the Blockstream Mining Note 2 (BMN2)
Licenses & Permits:
Securitization Law in Luxembourg
Total Issuance Volume
(As of Feb. 17, 2025):
USD 500,000,000
Blockchain Ecosystem:
Liquid Network
Target Investors:
For Qualified Professional Investors: USD 10,000 + 1.5% Qualification Fee
Token Holder Rights:
Relative Rights Token
Strengths:
- Multi-jurisdictional setup with strong regulatory compliance
- Enhanced product structure & investor access with bankruptcy-remote operational framework
- Demonstrated potential for attractive returns with firm investor confidence
- Effective token issuance oversight by experienced team
Challenges:
- Long term investment horizon of BMN2
- Potential legal challenges for investors
- Technical & economical constraints of liquid network
- Operational challenges & investment return variability
Future Sensitivities:
Potential rating changes may arise from shifts in regulatory requirements or market sentiment.
Analytical Approach: Particula’s Methodology in Action
Particula’s digital asset risk rating methodology employs a comprehensive analytical approach that combines traditional asset evaluation principles with advanced technology. Our methodology diligently assesses each issuance on the categories compliance, economic viability, technological resilience, ESG performance and operational security, offering investors a deep understanding of risks and opportunities on issuer, token and underlying asset.
Our principles acknowledge the difference between digital assets and analog assets and integrate direct data from issuers, conduct thorough security checks, and incorporate real-time blockchain data as well as market trends to provide timely and accurate assessments for navigating the landscape of digital assets. A complete overview of our analytical approach and the rating methodology is available on request.
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*Disclaimer
The information and analyses related to crypto values, crypto tokens, and other digital assets (“Digital Assets“) provided by Particula GmbH (“Particula“) are exclusively made available to entrepreneurs within the meaning of § 14 BGB and are intended solely for informational purposes. The provided information and analyses do not constitute a rating as defined in Art. 3 para. 1 lit. a) of Regulation EG/1060/2009 (“Rating Regulation“). A creditworthiness assessment as defined in Art. 3 para. 1 lit. a) of the Rating Regulation, evaluating the issuer’s creditworthiness, is expressly not part of the analysis.
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