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Deployments · platform by STOKR

Blockstream Mining Note 2 (BMN2) on STOKRNew

Blockstream's second tokenised mining note, a four-year Luxembourg-law structured note issued by a compartment of a securitisation fund (ORO Fund (I) - BM2) and distributed on the Luxembourg platform STOKR as a security token on the Liquid Network. Each note entitles the holder to the bitcoin produced by 1 PH/s of Blockstream Mining's hashrate from 5 September 2024 to maturity on 4 September 2028. Sold in 22 series from July 2024 to March 2026 for an aggregate issuance amount of about $1.56 billion (cash, crypto and in-kind subscriptions), with a create/redeem arrangement that redeemed about 9,255 notes in March 2026, leaving about 15,667 in circulation. Open to eligible whitelisted (professional) investors, not US persons; secondary trading on SideSwap since September 2024 and on Bitfinex Securities El Salvador since September 2025. RWA.xyz valued it at about $903 million in October 2026, among the largest tokenised structured products, held by about 21 wallets. It follows BMN1, which matured in 2024.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited) since 5 Sep 2024[1][2] — Large outstanding value but a professional-investor product held by about 21 wallets (RWA.xyz), so live-limited. · Reviewed 12d ago

Assets
Structured note[1]
BMN2 notes: bitcoin mined by 1 PH/s of hashrate per note over 48 months
Networks
Liquid Network Public, permissioned[1]
STOKR lists the BMN2 asset contract on the Liquid Network.
Use cases
Primary issuance[1]Investment and trading[3][1]Secondary trading[1][4]
Jurisdictions
Luxembourg

Participants

Assets

Metrics

  • ~$902.81mTotal asset value · as of 26 Oct 2026 · on Liquid Network[3]
    RWA.xyz value; Blockstream's own dashboard gives $879.8m on the same day (BTC mined to date plus remaining days at the current hashprice).
  • ~15,667 notesNotes in circulation · as of 26 Oct 2026[2][1]
  • $1.56bnAggregate issuance amount · as of 15 Jul 2026[1]
    All 22 series, subscribed in cash or crypto or issued in kind under the create/redeem arrangement; STOKR relabelled it from 'capital raised' on 15 Jul 2026.
  • 21 holdersHolders · as of 26 Oct 2026[3]

Timeline

  1. Happened 20 Mar 2026 · Production milestone · recorded 27 Oct 2026
    About 9,255 notes are redeemed under the create/redeem arrangement, leaving about 15,667 in circulation; maturity stays 4 September 2028.[1]
  2. Happened 1 Oct 2025 · Scope expansion · recorded 27 Oct 2026
    Citing investor demand, the issuer doubles the note's maximum issuance from $1bn to $2bn.[1]
  3. Happened 4 Sep 2025 · Scope expansion · recorded 27 Oct 2026
    Trading in BMN2 starts on Bitfinex Securities El Salvador against USD and BTC.[1][4]
  4. Happened 9 Sep 2024 · Scope expansion · recorded 27 Oct 2026
    BMN2 becomes tradable on the SideSwap exchange.[1]
  5. Happened 5 Sep 2024 · Launch · recorded 27 Oct 2026
    The mining rigs behind BMN2 go live, starting the 48-month term; a third series opens the same day.[1][2]
  6. Happened 18 Jul 2024 · Announcement · recorded 27 Oct 2026
    Private offering of the first BMN2 series opens on STOKR, with a roll-over route for BMN1 holders.[1]

Sources

  1. [1]Mining Note BMN2 | STOKR — STOKR. Accessed 27 Oct 2026. Platform product page: instrument type structured note, issuer ORO Fund (I) - BM2, governing law Luxembourg Securitisation Law of 22 March 2004, first issue 5 Sep 2024, maturity 4 Sep 2028, underlying hashrate contract of 1 PH/s per note, Liquid Network; dated update feed..B
  2. [2]Blockstream Mining - BMN2 Dashboard — Blockstream. Accessed 27 Oct 2026. As of 26 Oct 2026: 15,667.1599 notes circulating, total value of all BMN2 $879,782,507, day 783 of 1,460 of the term..B
  3. [3]Blockstream Mining Note 2 asset page — RWA.xyz. Accessed 27 Oct 2026. ISIN LU2954899014; issuer ORO Fund (I) - BM2, compartment of a Luxembourg securitisation fund; total asset value $902.8m and 21 holding addresses (data updated 26 Oct 2026)..A
  4. [4]Bitfinex Securities Four Year Anniversary: Main Milestones — Bitfinex, 3 Oct 2025. Accessed 27 Oct 2026.B
  5. [5]BMN2 asset page (service providers) — RWA.xyz. Accessed 28 Oct 2026. Service-provider metadata on the RWA.xyz asset page; RWA.xyz data, not an issuer document..C
  6. [6]Blockstream Mining Note (BMN) — Blockstream. Accessed 8 Nov 2026.B
  7. [7]Blockstream Mining Note 2 (BMN2) – Bitfinex Help Center — Bitfinex Securities, 5 Sep 2024. Accessed 8 Nov 2026.B

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