The Space Newsletter | Accelerate
We’re kicking into high gear
Hello to all of our founding members and supporters. I’m excited to write the first newsletter update for The Space. It’s been two and a half months since our founding event night, and we have a handful of updates to share.
First and foremost, I want to thank everyone for their continued support as founding members. Your monthly pre-dues and involvement have been critical for our recent developments. Low time preference is the name of the game. The board of directors, officers, and committee members are working to bring the first member-run bitcoin citadel, right here to Denver, CO. Throughout the process, we’re focused on doing things right.
Let’s get into the updates.
Budget
- Monthly pre-dues from our founding members continue to build in our organization’s treasury. The Board of Directors (BOD) oversees a 2/3 multisig custody solution, where all funds are held in BTC.
- The Space has been awarded a substantial grant from a value-aligned bitcoin organization. Contract has been signed. Sats received. We are in the process of finalizing our announcement.
- No funds received (donations, grants, pre-dues) are distributed amongst the BOD. All income to The Space is used to service our operational costs, reinvest into org infrastructure, or build the treasury.
Business Development
- BD operations are in high gear. Following our first grant award, we’re continuing to nurture other potential sponsor and support opportunities.
- Support from other organizations is critical for keeping membership dues low and attaining our desired real estate opportunity.
If you have connections to any potential sponsorship opportunities, make sure to reach out to Wyatt, our Chief Community Officer.
Events
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This month, we have two events planned:
- Bitcoin & Beer Meetup: Next Tuesday, June 18th, The Space is teaming up with Bitcoin & Beer to offer free drinks for all in attendance, up to a $300 tab. This will be a casual setting for Space members to hang out. We’re also hoping for some non-members to take interest in what we’re working to build. Bring a friend!
- June 22 Rockies Game: Later in the month, we’re getting together at Coors Field for a Rockies baseball game!
Tech and Infrastructure
- Server acquired. New processors, RAM, and coolers purchased. Setup in process. We’ve devised a plan for temporary server racking thanks to a generous founding member. This will serve as its home until we open the physical location.
- Revamped website complete. Awaiting final review from BOD before dockerizing and publishing.
Here’s a sneak peek.
Legal
- We’re still in the process of filing our 501(c)(3) nonprofit IRS forms. It’s a doozy.
Education
- Joel, our COO, has put together a team of members to begin outlining our upcoming educational curriculum. This will entail beginner-friendly events, documentation resources, and other valuable material.
Make sure to check the member telegram or reach out to a board member if you have any questions.
Real Estate
Now the big one. What you’re all here for:
The primary goal for The Space is to bring a physical bitcoin citadel and community hub to the Rocky Mountain front range. This is obviously easier said than done, especially with a member-run organization that isn’t dictated by a single owner or benefactor who calls the shots.
We already outlined this chicken and egg situation at our founding member event a few months back. But here’s a recap:
- Commercial real estate property owners do not want to lease buildings to startup organizations that don’t have a substantial bank account balance. Moreover, they don’t want to lease to an organization that operates on a bitcoin standard.
- Buying a building outright for The Space is out of reach for our ground-up movement, with limited resources.
The takeaway here is the challenge of building a treasury to expand real estate opportunities, without the main value proposition. Hence our “gotta start somewhere” mentality. Each and every founding member who has paid pre-dues is paramount in building our treasury to expand real estate and leasing options. You are making The Space a reality with every satoshi!
New Real Estate Opportunity Focus
We’ve made significant progress across other efforts since our founding event at the end of March. During that time frame, our real estate efforts were focused on scouting potential locations for the Denver bitcoin hub.
Come the end of April, the BOD came across an amazing RE opportunity through a founding member. The building is everything we’re looking for. Multiple floors, dedicated office and desk space, extensive amenities, great location, and more.
It’s on the market and out of our price range to purchase directly. The potential property owner, however, is a bitcoiner and value-aligned with The Space’s mission. This solves our challenge of finding a building that will accept our organization.
Since discovering this building opportunity, all real estate efforts have been focused on attending to the property deal under contract. Nothing is guaranteed as of yet, and we’re still working to make sure the numbers work out, but this opportunity is our top priority.