# Blockstream Mining Note 2 (BMN2)

<https://galactic.inc/analytics/bmn2/>

Data block: 4,109,666 (2026-10-21 02:17 UTC)

[SICOS](https://sicos.io/) · Private credit · Liquid Network
- Price: $59,075.35
- Market cap: $925.54M
- Supply: 15,667.16
- Supply change (30d): +0.00%
- First issued: 2024-07-11

Blockstream Mining Note 2 (BMN2) is a tokenized unsecured note issued by a Luxembourg securitisation fund that grants rights to Bitcoin mined over 48 months at a stated hashrate of 1 PH/s per note. On Liquid Network it has a supply of 15,667.16 tokens, for a market cap of $925.54M at block 4,109,666.

## Price sources

| Source | Value | Type | Estimated | Link | As of |
|---|---|---|---|---|---|
| Reported NAV (RWA.xyz) | $59,075.35 | Third party | No | [app.rwa.xyz](https://app.rwa.xyz/assets/BMN2) | 2026-10-21 |

## Key facts

- **Issuer:** [SICOS](https://sicos.io/)
- **Category:** Private credit
- **Chains:** Liquid Network
- **Data block:** [4,109,666](https://blockstream.info/liquid/block-height/4109666)

## Regulatory structure

As of 2026-10-17

- **Issuer legal entity:** [ORO Fund (I) – BM2, a compartment of ORO Fund (I); Management Company: SICOS Securities](https://static.bitfinex.com/securities/BMN2-Offering-Document.pdf)
- **Jurisdiction of issuer:** [Luxembourg](https://static.bitfinex.com/securities/BMN2-Offering-Document.pdf)
- **Regulatory framework / offering exemption:** [Luxembourg securitisation fund compartment; offered outside the US under Reg S](https://static.bitfinex.com/securities/BMN2-Offering-Document.pdf)
- **Eligible investors:** [Professional investors (MiFID II Annex II), or investors sufficiently sophisticated under the laws of their residence](https://static.bitfinex.com/securities/BMN2-Offering-Document.pdf)
- **US persons:** [Not permitted (per issuer)](https://static.bitfinex.com/securities/BMN2-Offering-Document.pdf)
- **Transfer restrictions:** [Transfers only to whitelisted Eligible Investors, on the Liquid blockchain](https://static.bitfinex.com/securities/BMN2-Offering-Document.pdf)
- **Official record of ownership:** [Noteholder Register kept by the Management Company](https://static.bitfinex.com/securities/BMN2-Offering-Document.pdf)
- **Admin controls disclosed:** [Wallet whitelisting after KYC/AML checks (Blockstream AMP; administered by STOKR)](https://static.bitfinex.com/securities/BMN2-Offering-Document.pdf)
- **Exposure type:** [Unsecured notes; right to the BTC mined over 48 months (stated hashrate 1 PH/s per note)](https://static.bitfinex.com/securities/BMN2-Offering-Document.pdf)

[Definitions and methodology](https://galactic.inc/analytics/bmn2/#regulatory-glossary)

## Asset ID

| Asset ID | Asset |  |
|---|---|---|
| [aa909f1b77451e409fe95fe1d3638ad017ab3325c6d4f00301af6d582d0f2034](https://galactic.inc/analytics/bmn2/liquid/aa909f1b77451e409fe95fe1d3638ad017ab3325c6d4f00301af6d582d0f2034/) | BMN Series 2 BMN2 (Liquid Network) | [Blockstream Explorer](https://blockstream.info/liquid/asset/aa909f1b77451e409fe95fe1d3638ad017ab3325c6d4f00301af6d582d0f2034) |

## Frequently asked questions

**What is BMN2?**

BMN2 is an unsecured note issued by ORO Fund (I) – BM2 that provides the right to the Bitcoin mined over 48 months from the start of mining operations. The stated hashrate is 1 PH/s per note.

**Who issues BMN2?**

BMN2 is issued by ORO Fund (I) – BM2, a compartment of ORO Fund (I), a Luxembourg securitisation fund. The management company is SICOS Securities.

**Who can invest in BMN2?**

Investment is limited to professional investors under MiFID II Annex II or investors sufficiently sophisticated under the laws of their residence. The offering is made outside the United States under Regulation S and is not available to US persons.

**How are the BMN2 price and supply on this page determined?**

The price displayed is the net asset value reported by RWA.xyz, as there is no on-chain price feed for BMN2. The supply shown is the amount issued minus the amount burned, read directly from the Liquid Network.

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