Topic: [2016-01-27]Bitcoin Group Float Doesn’t Catch On, Listing Date Pushed Back Again (Read 241 times)

Australian bitcoin miner Bitcoin Group’s official public float on the Australian Securities Exchange (ASX) fell significantly short of its goal of raising $20 million AUD. The cryptocurrency miner raised $367,902.20 AUD.

Melbourne-based Bitcoin Group, a miner that has repeatedly attempted to become the world’s first publically floated Bitcoin trading company had the date of closure of its IPO on January 25. The miner offered investors 100 million shares at 20 cents per share, hoping to raise $20 million AUD.

However, the miner’s book building run on the ASX, which ended Monday raised just $367,902.20, as revealed by The Australian.

Bitcoin Group CEO Sam Lee claimed the numbers from the bookbuild does not include application subscriptions sent directly to the register accepting postal applications processed by the company.

While blockchain-based startups that are developing distributed ledger solutions for private enterprise and financial institutions gain more investment, bitcoin as a currency has been deemed “a failed experiment” by former core developer Mike Hearn in recent times.

Still, Lee is unperturbed, just as he is with the disappointing float.

“As a bitcoin miner, our success is tied to the future of bitcoin as a currency and as a store of value,” Lee stated while adding that he is a firm believer in the democratizing edge that bitcoin brings to the world economy. One of the goals of the ASX float was to bring accountability and transparency to the Bitcoin space, the publication added.

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