Bitcoin Group to list on Australian Stock Exchange

The Australian Stock Exchange is set to welcome its second listed bitcoin company - Bitcoin Group.

Bitcoin Group expects to raise A$20 million (US$13,868,000) by offering 100 million shares to the public at 20 cents per share. The company is expected to be listed on the Australian Stock Exchange in November this year.

The first company to be listed on the Australian Stock Exchange was Digital BTC. DigitalBtc started out as a bitcoin mining company, but as bitcoin prices fell, it gradually transitioned to bitcoin trading, developing retail businesses and various consumer applications. DigitalBtc first debuted on the Australian Stock Exchange (ASX) in June 2014 as Digital CC Limited.

安德鲁•普利姆顿, chairman of Bitcoin Group, said his company currently produces 1.57% of the world's daily output of bitcoins and has bitcoin mining equipment in six locations in China and Iceland.

Approximately A$18 million (approximately US$12,524,400) of the funds raised will be invested in bitcoin mining equipment.

In Bitcoin Group’s prospectus, Plimpton said investors should be aware that Bitcoin Group is a newly formed company and that the management team does not have much experience operating a publicly traded company.

In addition, Bitcoin Group is highly dependent on its mining operations in China, which Bitcoin Group estimates will account for 13.4% of the network’s hashrate, based on a price of $400 per Bitcoin.

Bitcoin Group's road to listing has been full of twists and turns, and the listing date has been postponed again and again, but CEO Sam Lee explained that regulators are also trying to ensure that investors have more detailed information.

He said:

“As the first IPO company in the bitcoin industry, we have undoubtedly set a precedent.”

“We understand that the Australian Securities and Investments Commission (ASIC) is responsible for protecting the interests of Australian investors, so they need to understand our unique business model. We are very grateful to ASIC for supporting our work to ensure that our prospectus more accurately reflects the current and future development of Bitcoin Group.”