NEW AVENUES FOR BITCOIN MINER FINANCING – PART 2/2

In the first part of this series, we outlined how Bitcoin mining has evolved into a global, capital-intensive industry. Rising network difficulty, volatile hashprice, and narrowing profit margins have intensified financial pressure on miners. These challenges have exposed fundamental differences in how mining operations are financed.

Public mining companies often access public capital markets to scale quickly, raising funds through equity placements, convertible instruments, or bitcoin-backed debt. In contrast, private miners face more limited options, relying largely on short-term loans secured by depreciating hardware. These traditional instruments are inflexible and poorly matched to the operational dynamics of a rapidly evolving sector. The result is a structural imbalance that calls for financing models more closely aligned with real economic productivity in mining.

Rethinking Collateral: From Hardware to Hashrate

To meet this need, the concept of collateral must shift from physical infrastructure to operational output. STOKR supports mining firms in structuring investment products that use hashrate itself as the foundation for financing. Tokenized bitcoin mining enables hashrate to become a productive, transparent, and legally enforceable financial asset. This approach allows the creation of fully compliant investment products that provide miners with long-term capital while offering investors direct exposure to real bitcoin generation.

BMN2: Tokenizing Hashrate as a Financial Asset

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At the core of this approach is the Blockstream Mining Note 2 (BMN2), a tokenized security that entitles its holder to receive bitcoin mined from one petahash per second of hashrate over a fixed four-year term. Issued under Luxembourg’s securitization law and managed on the Liquid Network using Blockstream AMP, BMN2 transforms future bitcoin production into a legally binding and tradable financial instrument.

Since launch, BMN2 has raised more than 681 million US dollars to finance 9.5 exahash per second of mining capacity across North America, currently representing approximately 1.2 percent of global Bitcoin hashrate. With a current market capitalization of around 830 million US dollars, BMN2 ranks among the three largest tokenized investment products globally.

1 app.rwa.xyz | 2 stokr.io/blockstream-mining2/

he current value of BMN2 reflects the bitcoin mined and the residual value of the hashrate contract until the maturity of BMN2. This value is moving constantly, and can be computed by adding the USD value of BTC already mined to the present value of BMN2’s future hashrate (days remaining * current hashprice). The BMN2 Dashboard provides a 24/7 view on BMN2’s current value and other key financial metrics.

BMN2 as Collateral: Enabling Fixed-Income Innovation

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Unlike traditional mining loans that rely on hardware as collateral, BMN2 introduces a new type of security. It generates real bitcoin flows, is enforceable under European Union law, and is transferable on-chain. These characteristics make it suitable for more flexible and robust financing arrangements.

As mining progresses under the BMN2 contract, the underlying value shifts from future hashrate entitlements to accrued bitcoin. In effect, BMN2 evolves into a liquid reserve of bitcoin over time. This quality improves its utility as collateral and supports the development of fixed-income investment structures such as PKH and PKB. These instruments are designed to attract institutional capital while preserving the operational flexibility that miners require.

The above chart illustrates in a simplified way how BMN2’s collateral profile evolves over time. As the percentage of remaining hashrate declines, the proportion of bitcoin already mined steadily increases. This shift transforms BMN2 from a future-oriented claim on hashrate into a reserve-like asset, enhancing its suitability as collateral for structured credit products.

PKH: Fixed-Income Note Secured by Tokenized Hashrate

In early 2025, STOKR introduced the PKH Mining Note (PKH), a fixed-income investment backed by BMN2. The PKH token offers a fixed annual return of 18 percent, paid quarterly, and is secured by both BMN2 and the bitcoin mined under it. With 160 percent overcollateralization, the product provides substantial protection against downside risk.

Over time, the quality of the collateral improves, as the share of mined bitcoin increases relative to future hashrate entitlements. PKH is issued as a digital asset on the Liquid Network, with transaction logic enforced directly on-chain. Transfers are limited to whitelisted, KYC-verified wallets in accordance with MiFID II and AML requirements.

For miners, PKH unlocks access to non-dilutive capital without selling hardware or liquid reserves. For investors, it presents a novel opportunity to earn fixed returns from bitcoin mining with transparency, on-chain governance, and legal clarity. To date, PKH has raised more than USD 179 million and has distributed USD 12.7 million in interest.

PKB: Bitcoin-Denominated Yield for Bitcoin-Native Investors

To serve investors seeking returns in bitcoin rather than fiat, STOKR launched the PKB Mining Note (PKB) and its extension, PKB2. These instruments mirror the economic design of PKH but are denominated in bitcoin. They offer a fixed annual return of 9.775 percent, paid in BTC, and are secured with 120 percent overcollateralization using BMN2.

PKB and PKB2 have raised more than 3,850 BTC and have paid out 37.8 BTC in interest. By aligning both the unit of investment and the yield with the underlying asset of the mining operation, these products appeal to long-term bitcoin holders seeking yield without hardware exposure.

Together, PKH and PKB illustrate how sound financial engineering, native bitcoin infrastructure, and capital-efficient mining exposure can be combined in a single investment framework. These products open the door to institutional adoption by offering yield-oriented instruments backed by productive, verifiable hashrate output.

Build with STOKR: Institutional Capital Meets Real-World Output

STOKR is more than a tokenization platform. As a registered Virtual Asset Service Provider under the supervision of the Luxembourg financial regulator (CSSF), STOKR provides the regulatory and technical foundation for issuing and managing digital investment instruments.

With deep capabilities across legal design, product development, and on-chain deployment, STOKR helps Bitcoin miners and other operators bring asset-backed offerings to market. Our team draws on years of experience in structuring, compliance, and digital asset issuance to support clients from early-stage design to full investor onboarding.

By integrating issuance, distribution, and secondary transfer within a compliant framework, STOKR enables scalable credit markets on Bitcoin rails. If you are exploring how your operational output can be turned into a tokenized financing solution, we invite you to connect with the STOKR team.

For more information, please visit stokr.io and follow us on LinkedIn and X.

By Tizian Rotermund