Australia-based bitcoin mining company Bitcoin Group has issued its third prospectus in a bid to become the first cryptocurrency miner listed on the Australian stock exchange. The company has once again postponed its IPO in order to respond to requests of the Australian Securities and Investments Commission (ASIC).
ASIC had asked to hire an independent expert to prepare a detailed report on the bitcoin mining and the bitcoin mining equation process in the next prospectus.
ASIC wants to get information on “how the Bitcoin industry operates, the variables underpinning the Bitcoin Mining Equation… and its impact on BCG, and information setting out future performance of BCG…”
The startup is poised to go live on December 11 to provide enough time for an expert to elaborate the report. Listing on the exchange is now planned for January 20, 2016. The IPO closing date has been moved to January 8, 2016. Investors who have already applied for the company’s shares will be able to withdraw and get a full refund. The shares will be offered on Australian Securities Exchange as ASX: BCG.
The company first said it would list on the ASX in October, 2014. In mid-November, 2014, Bitcoin Group was unveiled to be listed on the exchange. However, it got postponed because of the reprimand by the ASIC.
In October 2015, Bitcoin Group launched a “pre-IPO” with the help of the investment company BnkToTheFuture. But it then delayed its listing to the now-postponed IPO.
Bitcoin Group is one of the biggest digital currency mining companies, holding a 1.57% share of the world mining output. Founded in Melbourne in 2014, the startup operates seven facilities across Australia, China and Iceland. Bitcoin Group is committed to expand knowledge of virtual currency and increase its usage around the globe.
According to the Bitcoin Group’s first prospectus, the startup is anticipated to mine from 80,000 to 115,000 bitcoins in the 2016 financial year. Taking into account the current bitcoin price of $447 AUD, the company’s revenue could be between $35.76 million and $51.41 million.
ASIC insisted on providing a report to ensure that investors are aware of the possible threats behind the digital currency.
Now Coinsilium, a blockchain technology investment company is expected to become the first bitcoin company to finish the IPO process. Public listing at the ICAP’s Securities and Derivatives Exchange is planned for November 23.
According to the company’s 2015 Annual Report, its total mining revenue amounted to AUD $1,737,000, while a net cash flow from operating activities totaled AUD $431,000.