Australia-based start-up, the ‘Bitcoin Group,’ is set to become the second company to get listed on the Australian stock market! The company is zealously also striving to raise $20 million via issuing 100 million new shares to the public at 20 cents each.
As per the plan, the company is hoping to start trading on the Australian Securities Exchange starting November 11, 2015.
It should be noted that it was Digital BTC, another Bitcoin company, that took the honor of being the first company to be trading on the local share market. This Bitcoin miner has been on the market since June of 2014.
Bitcoin Group claims that it at present produces about 1.57 percent of the total amount of Bitcoin in the world. The company operates Bitcoin mining equipment at six sites in China and Iceland and is now planning to invest $18 million of the funds raised from its market listing will into the Bitcoin mining equipment and facilities.
This clearly proves that despite all odds, the faith in the Bitcoin industry remains strong.
Earlier we had reported that the Australian Securities and Exchange Commission (ASIC) has barred the Bitcoin Group from publishing any statements regarding the initial public offering (IPO) of its shares. The reasons for issuing this interim “stop order” however were not disclosed either on the ASIC or on the Bitcoin Group’s website.
Prior to this, Bitcoin Group, according to the ASIC, was also caught distributing its IPO on social media channel “WeChat” before it registered itself as an Australian company, and before the submission of its formal disclosure document to the authorities.
The Bitcoin Group was founded in the year 2014 and it cites that its goal is “to make trust more accessible via Bitcoin’s underlying Blockchain technology.”
The company also proudly claims that within a year, “it has built a cash flow positive and profitable business which we’re 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.”