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Bitcoin Group would become the second bitcoin-related business to be listed on the Australian Stock Exchange ASX after digitalX, which achieved the same status in June through reverse listing.
That did not come to pass, though. The date was pushed to September, then November and then December. Indeed, the company has had to lodge and relodge its IPO prospectus several times. Almost all the stop orders to the process to the public trading have been occasioned by Bitcoin Group failing to follow the stringent requirements that the Australian Securities and Investments Commission ASIC imposes on companies seeking to sell their shares to the public through the ASX.
The rest were on particular procedural issues raised by the regulator on the application. Now everyone is holding their breath waiting to see whether the new date of February 2nd, , announced this week will hold.
Bitcoin Group Limited is a Bitcoin mining company. Its sole business is securing bitcoin transactions by providing hash power to the Bitcoin network. Its revenue comes in the form of new bitcoins rewarded to those who provide the mining service. Currently, at least before the listing, the company has Harry Wang, Victor Huang and Richard Gu as its primary investors.
This will make it one of the single largest players in the space and that makes the IPO in February even more worth watching by the Bitcoin community, especially with Bitcoin price in mind. This will represent 60 percent of its capitalization. But there is more that this listing and IPO could achieve both for Bitcoin Group and the entire Bitcoin industry around the globe. The IPO gives Bitcoin Group legitimacy and publicity, benefits, which could quickly spread to the entire industry.
This same argument, at least, the first part, was expressed by Charles Allen , CEO Bitcoin Shop , when his company in early became the first Bitcoin company in the US to be publicly traded.
However, Bitcoin Shop, which is an online store selling consumer goods for bitcoin, unlike Bitcoin Group, got its place in the stock market through reverse merging with TouchIT Technologies Inc. Confidence in the cryptocurrency among other potential investors will grow, which in turn will lead to more demand and probably higher Bitcoin prices. However, coupled with other factors such as the turbulence the global markets are experiencing as a result of the downturn in the Chinese economy, and then it makes a lot of sense that it matters.
Scared investors around the globe are bound to take note of a company mining bitcoin being traded on a mainstream stock market; the second largest in Australia, for that matter. The impression coming out of this association will, of course, portray Bitcoin in a positive light. Australian Securities Exchange entrance image from Wikipedia. Next Post Previous Post. Who is Bitcoin Group? Bitcoin Group to own Random Article I'm Feeling Lucky! Popular Tags bitcoin price bitcoin news analysis report API price report bitcoin technical analysis bitcoinaverage echo blockchain debate segwit Guide blackfriday discount ripple skill ethereum reward halving subscription paypal feature amazon alexa migrate.