Australian Bitcoin Mining Firm Raised $5.9 Million at ASX IPO

BCG is said to be currently working with the Australian Securities Exchange on the listing application process for its shares.
Photo: Bloomberg

The Bitcoin Group announced today that its IPO offer on the Australian Securities Exchange (ASX) and ASX Bookbuild closed on 25th January 2016, after having raised the amount of $5,927,168.40. The quotation of the shares on the ASX has not yet occurred, however BCG is said to be currently working with the venue on the listing application process.

Sam Lee, CEO, BCG
Sam Lee, CEO, BCG

Sam Lee, Chief Executive Officer of the firm, commented to Finance Magnates about the raised capital: “$5.9 million raised is a solid result, as it is sufficient for the company to execute it’s current strategy of expanding our footprint through acquiring new Mining Equipment.

We are excited to be joined by many investors who believe in the future of Bitcoin’s role in the fintech revolution, we look forward to playing our part in democratizing access to the financial world. We hope to bring more transparency and accountability to our industry, as we take one step closer to becoming the worlds first Bitcoin Mining IPO.”

The Melbourne headquartered company has five bitcoin mining centers in China and altogether seven Bitcoin mining locations around the world. The majority of Bitcoin group’s hash power is generated in China, with less than 2% being generated in Australia and Iceland, according to its website. It also currently boasts of operating over six thousand individual mining rigs, the majority of these being Ant Miner.

Last month it was reported that the Bitcoin Group was planning to raise $20 million by going public, floating one-hundred-million shares at twenty cents each at the IPO. Approximately $18 million of the proceeds were earmarked for investment in increasing the group’s hash power. The group’s shares will trade under the stock symbol BCG.

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