The Bitcoin Group Limited – Australia’s largest operator for mining bitcoin, has received a boost in cash via investment platform BnkToTheFuture in return for shares in the company ahead of the planned launch of the mining operator’s IPO on November 11, 2015.
In the weeks leading up to the launch of the world’s first bitcoin mining IPO, Australia-based Bitcoin Group Limited has, with the help of investment platform BnkToTheFuture, launched a ‘pre-IPO,’ with the setup of an investment fund.
The fund, at the time of publishing this article, has raised close to USD $3 million of its USD $3.63 million investment goal.
Speaking about the investment fund, Simon Dixon, chief executive at BnkToTheFuture said:
Stock exchanges around the world have a long history in listing gold and oil mining stocks, but Australia will become the first ever to list this new form of mining stock.
The Bitcoin Group tried to get listed twice in the past but were unsuccessful in their attempts to do so after being denied the opportunity by the Australian Securities and Investments Commission. This September, their third attempt proved to be fruitful.
In a press release at the time, Bitcoin Group chief executive Sam Lee said:
“The public offer will mark a significant milestone for our company and for the broader industry because it will help to advance recent regulatory initiatives by the Federal Government aimed at bringing clarity and accountability around the benefits of bitcoin to Australian consumers and businesses,” before adding “This is good for investors who, ultimately will be better placed to make informed decisions about the role and merits of a company like Bitcoin Group.”
In its 2015 Annual Report, The Bitcoin Group cited low electricity costs in China and strong industry connections to minimize costs while totaling AUD $1,737,000 in mining revenue. Gross profits stood at AUD 431,000 while net profit after tax came to AUD $10,000 with a net cash flow of AUD $431,000.
The upcoming IPO will be issued with 100 million new shares at AUD $0.20 each to raise AUD $20 million. 15% out the 60% available shares are expected to offered on the Australian Stock Exchange (ASX) as ASX: BCG.
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