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.

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.

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

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