Bitcoin Group Raises $5.9 million AUD in IPO Phase

Bitcoin Group Limited, a digital currency mining firm based in Melbourne, has announced the completion of its IPO phase. In an investor updated posted on the official BG blog, Sam Lee, CEO of Bitcoin Group, confirmed that the IPO netted a total of AUD $5.9 million.

While the amount sounds impressive, it falls short of the original $20 million target. The IPO officially ended on the 25th of January and according to the ASX announcement on the 25th, Bitcoin Group was tentatively scheduled to start trading on the ASX today:

“Bitcoin Group is now currently working with the ASX Compliance Team to satisfy ASX Listing Rules and as such the Company’s new proposed ASX listing date will be scheduled for the 8th of February 2016.”

BG used ASX’s BookBuild facility to raise funds and according to figures reported, BG raised about $367k by selling about 1,839,511 ordinary shares.

“The final Book Build price of $0.20 cents was achieved and a total value of $367,902.20 was successfully raised from investors who participated in the offer via ASX BookBuild.”

While there has been no official confirmation from BG on when the company will begin trading, the investor update said that the ASX has requested more documentation.

“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.”

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