Bitcoin Group Delays Stock Exchange Float for the Sixth Time

Australian bitcoin miner Bitcoin Group has delayed its public float on the Australian Securities Exchange (ASX), yet again. The revelation comes soon after a disappointing IPO that fell well short of the miner’s expectations.

Melbourne-based mining firm Bitcoin Group has now revealed another delay in its intention to float its stock in the open market by listing on the ASX.

The update was disclosed to investors in an update on February 5th, noting that the ASX has sought additional information about the company’s intention to list. The statement read:

Investors will appreciate that ‘block chain’ is a new technology and we are working with ASX to satisfy its request for additional information as part of the listing application process.

Series of Delays

The miner has previously satisfied queries from regulatory authorities such as the Australian Securities and Investments Commission (ASIC). Toward the end of 2015, the Commission sought an independent expert’s report to explain the numbers and intricacies of the mining process of bitcoin, in order to gauge its feasibility for a company looking to be listed on the stock exchange. A month after the request, one which saw the IPO delayed at the time, Bitcoin Group released a new prospectus that included the expert’s report.

Furthermore, the prospectus also revealed that the miner sought to raise AUD $20 million through 100,000,000 new shares at an offer price of $0.20 per share.

However, the IPO fell well short of expectations. The miner raised approximately AUD $5.9 million, as revealed by its latest investor update.

Bitcoin Group’s first prospectus was lodged on June 29, 2015 with a planned listing date on September 2. However, the ASIC had a roadblock in place for the IPO. A second prospectus was submitted with a listing date for October 2nd but the ASIC put a stop order again before it was officially lodged.

September saw the Bitcoin Group lodging a replacement prospectus with a proposed listing date of November 11. This too was delayed due to a second supplement to the replacement prospectus. The listing was pushed to January. A further delay saw the listing pushed again to February 2 and then again to February 8.

The company initially announced its intention to be the world’s first publicly floated Bitcoin trading company in October 2014.

Featured image from Shutterstock.

Share
Samburaj Das @sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering blockchain, cryptocurrency and financial technology news. He has authored over 1,500 articles for CCN and is invested in Bitcoin. Email him samburaj(@)ccn.com or find him barely tweeting @sambdas

News Tip?

tips (at) ccn.com

About CCN.com

CCN.com, also known as CCN Markets, is a financial news site reporting on Market News and Gaming. Op-eds and opinions should not be attributed to CCN Markets. Journalists on CCN Markets follow a strict ethical code that you can find here. You can contact us here. You can read more about us here. Find our journalists here. U.S. Office: New Jersey, USA. Twitter. Facebook. LinkedIn. Youtube.

We are using cookies for third-party applications like Twitter, Youtube embeds, Google Analytics and Google AdSense.

Privacy Policy