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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Bitcoin Group Troubled by Australian Securities Exchange

Gautham
Gautham
4 years ago
3 mins read
SEC Approves Overstock Plan to Issue Stock Via Blockchain. newsbtc bitcoin news

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As we all know, Bitcoin industry started gaining momentum in the early days of this decade. Entrepreneurs increasingly started working on bitcoin-based ventures. In the past 4-5 years, many of these startups have matured into full-fledged companies. Few among them have broken out of the startup and early stage company shell to reach the IPO level.

Currently, a handful of Bitcoin and Blockchain technology companies have gone public with after floating an IPO. Bitcoin Group, an Australian Bitcoin tech company has been on the list for some time now. However, floating an IPO is not an easy task as the company requires to comply with various applicable rule and regulations. These regulatory roadblocks can potentially delay a company from going public indefinitely.

Bitcoin Group, which had successfully launched its IPO on the Australian Securities Exchange and was looking forward to going for a Global IPO is forced to take a step back. The company has decided to pull out of ASX and start the whole IPO exercise all over again after the Australian Securities Exchange voiced it concerns about the company’s liquidity status. According to ASX, Bitcoin Group might not have enough cash reserves to complete its first year of existence as a publicly traded company.

In order to prove otherwise, the ASX has asked Bitcoin Group to get itself evaluated from an independent accounting firm and present its report if it wants to continue on ASX. Bitcoin Group states that the report is not a standard prerequisite for being listed on ASX. These recent developments have led to the company pulling out from the ASX. While announcing its pull out from ASX, the company declared that it will be returning the $5.9 million it has raised so far as part of the IPO to its investors.

Bitcoin Group has not let go of its intention to be a listed company yet, the company intends to file for a fresh IPO later this year after Bitcoin halving. The company seems to be at the receiving end of a raw deal as ASX rejected the findings by Grant Thornton which forecasted the company’s need to raise funds later in September next year on the basis of Bitcoin price reaching $500.

Bitcoin businesses are not mainstream yet and their business models are different from that of conventional businesses. In order to make sure all businesses that are not illegal to get a fair chance, suitable amendments have to the existing regulations. Also, the irony of Australian Securities Exchange throwing roadblocks at Bitcoin Group is not lost, especially when the company is working with Digital Asset Holdings Inc. to develop blockchain based trade settlement system.

Digital Asset Holding Inc. is a blockchain based fintech solutions provider headed by Blythe Masters as the CEO. The company has received funding from Wall Street heavyweights like JP Morgan and Goldman Sachs. With Blockchain technology entering the mainstream, we can expect more Bitcoin and Blockchain technology based companies grow big and go public. It is high time the stock exchanges across the world made necessary changes to accommodate such companies.

Ref: The Sydney Morning Herald
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