Australia’s Bitcoin Group to Launch First Bitcoin IPO in November
Melbourne-based Bitcoin Group plans an initial public offering on the Australian Stock Exchange in mid-November, becoming the world’s first listed Bitcoin trading company.
CEO of Bitcoins Reserve and Bitcoin Group Sam Lee commented, “Recognition through ATO’s guidance is a huge step towards legitimacy of our industry. We look forward to providing the highest level of transparency to the industry by listing on the ASX.”
Lee believes the unique technology behind Bitcoin can provide real-time transparency and accountability in financial markets. “Investors who participate in our 20 million dollar capital raising will capture a substantial share of what will be a Billion dollar-a-year industry,” said Lee.
Currently, Bitcoin Group’s primary revenue generation is through the Bitcoin mining process, where it offers investments in its mining pool. The company also has a Bitcoin exchange platform and a Bitcoin arbitrage fund.
“We manage risk through operating a vertically integrated mining business with the financial and strategic backing of all major players in the Bitcoin Mining industry. We believe we are well priced and positioned to help investors profit in what still is the most profitable segment within the Bitcoin ecosystem,” said Lee.
“Over the next two years, the system is set to issue 1.3 Million Bitcoins per year and at current market value ($446 AUD per Bitcoin). This is equivalent to a $580 million dollar per year opportunity,” said Lee.
Bitcoins Reserve is a cryptocurrency arbitrage fund, which participated as a Bidder in the $18 Million dollar (USD) Silk Road Bitcoin Auction coordinated by the US Marshall Services in June 2014.
Bitcoin Group currently has 18 employees and a management that includes CEO Lee, Chief Financial Officer Allan Guo and Chief Technology Officer Jin Chen.
Bitcoin Group’s earliest investor is a self-made Chinese billionaire, with family name of Gao, who made his fortunes manufacturing, supplying and fitting fire safety systems throughout major metropolitan cities in China, according to the company.