Bitcoin Group abandons IPO due to complications in operating fund review

   Bitcoin Group has abandoned its IPO plan and will return funds to investors, "withdrawing the rights issue offer mainly due to failure to meet ASX requirements."

The ASX is said to have imposed additional standards requiring it to produce a working capital report provided by an independent accounting firm.

Grant Thornton was required to factor in the bitcoin block halving, which happens every four years in July 2016, but not bitcoin price appreciation when preparing its report, which showed the company had enough funds from operations to meet its financial targets for the first 12 months.

Despite facing numerous obstacles during the IPO and bookkeeping process, Bitcoin Group has not been discouraged and said it will continue its mining activities and may consider launching another offer after September.