This is going to be a major development if Bitcoin Group, an Australia-based Bitcoin company, lists on the local stock market. It will in fact be the second Bitcoin company which is going to list on the Australian stock market. According to the local media the Group is seeking to raise $20 million through the issue of 100 million new shares to the public at 20 cents per share.
Bitcoin Group Limited which was founded in Melbourne, Australia during 2014 with the vision to make trust more accessible via Bitcoin’s underlying Blockchain technology has always been planning to emerge in the large canvass. Now, it expects its shares to start trading on the Australian Securities Exchange on November 11.
The company says that within a year, it has built a cash flow positive and profitable business which it is listing on the ASX as a truly public company where the co-founders are sharing over 90% of the equity with the public upon completion of the offer. Another Bitcoin miner, Digital BTC, has been trading on the local share market since June 2014.
Interestingly, whereas Digital BTC is shifting its focus away from Bitcoin-reliant operations following the depreciation in the Bitcoin price, Bitcoin Group will be focusing the core Bitcoin element. Chairman Andrew Plympton says the company currently produces about 1.57 per cent of the world’s Bitcoins which though not so significant, may go up in future.
Bitcoin Group operates Bitcoin mining equipment at six sites in China and Iceland and been able to raise quite a lot of money. In its first attempt it is raising $18 million of the funds from its market listing that will be invested into Bitcoin mining equipment and facilities. Nonetheless, such funding have been considered strategic move by the Bitcoin companies.
Registered and Licensed Bitcoin Company
The listing is just an example how Bitcoin Group Limited which is the result of a five year partnership between Sam Lee and Allen Guo combined with the genius Ryan Xu, the three envisaged building a profitable Bitcoin company and listing it to become the world first IPO in our industry, to show the world that they are sincere.
Talking about the model of governance, the company says that it is registered in the country and has an experienced advisory board, chaired by Andrew Plympton with over 30 years’ experience as a executive on a vast collection of listed and unlisted companies. It is a member of the Australian Digital Currency Commerce Association (ADCCA).
To contact the reporter of this story: Deepak Tiwari at email@example.com