In the Middle Ages, the Church wielded immense power over its followers, even offering indulgences—payments made in silver or gold—to speed up one’s passage through purgatory. In Northern Colorado in the 21st century, a new type of church, “token”, is emerging, offering not salvation but a stake in Fort Collins’ oldest church.
Instead of turning to traditional fundraising platforms like GoFundMe, local pastor Blake Bush has launched a modern approach to community investment. Bush, who has been renting the historic Old Stone Church for the past two years, is leading an ambitious effort to raise $2.5 million to purchase the 19th-century building.
From Franchise Sales to Faith: Pastor Bush’s Journey
Pastor Blake Bush, 57, is not your typical clergyman. With a background in franchise sales and 34 years of ministry experience, he and his wife founded the non-denominational Third Day Church. They later established One Hope of Northern Colorado, a nonprofit that runs the Colorado House of Prayer. “We’re not a church,” Bush says. “We are the Church, a network of churches working together to bless our community.” The Colorado House of Prayer, based in the Old Stone Church, offers a space where volunteers lead prayers around the clock, with multiple denominations renting the facility for their services.
In the summer of 2022, a friend introduced Bush to Ripple Labs’ digital currency, XRP, sparking his interest in cryptocurrency. Ripple once touted XRP as a revolutionary tool for global money transfers, but despite being valued at $31 billion by crypto traders, its impact has been limited. Intrigued, Bush dove into the world of blockchain, eventually leading him to the idea of tokenising real estate. “I heard the Lord say, ‘Tokenise the building,'” Bush recalls. “I didn’t even know what that meant at the time.”
Bringing Blockchain to the Pews
To bring his vision to life, Bush partnered with REtokens, a digital asset firm based in Spokane, Washington. REtokens, founded by Tyler Vinson, a seasoned realtor with over 20 years of experience, specializes in tokenizing real estate properties, such as the Old Stone Church. In May 2024, REtokens announced a collaboration with Polymesh, a Swiss-based blockchain software provider, to tokenise $30 million in real estate. The first phase of Bush’s project targets accredited investors, with a minimum investment of $50,000, aiming to raise $2.5 million within the first year.
Warren Yoder, one of Bush’s parishioners, purchased the Old Stone Church in 2022 for $2.2 million. Eventually, these tokens will be available on the secondary market to non-accredited church members, starting at $500 per token. However, unlike traditional investments, major exchanges like Coinbase or Binance won’t trade these tokens. The church will manage these tokens through REtokens, exempting them from the stringent disclosure requirements of publicly traded companies.
A Modern Twist on Religious Fundraising
This approach to fundraising is far from traditional. Investors in the Old Stone Church will not receive any tax deductions, whereas tax-exempt donations to churches will. Instead, they will be subject to normal income and capital gains taxes, with returns projected at a modest 2-3% yearly increase based on the rise in real estate value in downtown Fort Collins. “You’re not in this to make profits. You’re in this to do good in the community,” Pastor Bush emphasises.
Despite the innovative approach, there are safeguards in place. The board and an operating agreement will govern the church, preventing even a majority tokenholder from dictating the building’s use. The initiative’s website states that the tokens will trade indefinitely or until Jesus returns or the majority of investors and the board decide to sell.
The Future of Church Fundraising?
The Old Stone Church may be the first tokenised church, but it likely won’t be the last. With an estimated 100,000 Christian church properties expected to be sold or repurposed in the next decade, this new model could become a trend.Offices, restaurants, and other commercial spaces are transforming many church properties. Pastor Bush dreams of creating a foundation to help others tokenise their historic buildings, blending faith with modern finance in a way that could shape the future of religious fundraising.
After the article’s publication, REtokens updated its progress, stating that it has raised $1.46 million, or 65%, of its $2.25 million offering and eliminated an equity fee, marking a significant milestone in this unique venture.
Blockchain technology and religion could be a perfect match, providing faith communities a new way to engage with modern technology while preserving their historic properties.
