Bitcoin Group, Australia’s biggest mining company, finally rounds off its Initial Public Offering next month, at the third attempt after raising over $3 million on Bitcoin equity website Bnk To The Future Ltd. The company has raised most of the $3.6 million needed for the IPO and has exceeded its goals.
Formerly the Australian Securities and Investment Commission (ASIC) put two stops on the company’s original fund raising efforts. The second occasion was when the fundraising round was being promoted on We Chat, a Chinese social media platform, prior to the prospectus being lodged and approved.
Bitcoin Group is a five-year partnership between CEO Samuel Lee and co-founders Allen Guo and Ryan Xu.
At the moment, Bitcoin Group is scheduled to list shares in a A$20m (c.US$14.57m) public offer on the Australian Securities Exchange (ASX) in Sydney on November 11th, 2015, having secured approval from ASIC. It follows bitcoin start-up digitalBTC listing last year on the ASX via a reverse listing.
The company produces around 1.57% of the global mining output through its seven mining sites and in the period 2014-15, it mined around A$2m worth of the digital currency.
“Internet is democratizing information, 3D printing is democratizing manufacturing, Bitcoin is democratizing money,” said Samuel Lee. “How? As the world’s first and leading decentralized trust network, Bitcoin is able to transfer power from Banks (incumbents) to the people, and in the process help connect the billions of unbanked in the world to the global economy.”
With operations in China, Iceland and Australia, Bitcoin Group is focused on becoming one of the world’s largest Bitcoin mining companies and on creating a more convenient means by which the general public can manage and transfer money.