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Bitcoin Group Pushes ASX Listing Date To February 8th

Bitcoin Group, an Australia-based bitcoin miner, raised $367,902.20 in the IPO, which closed on January 25. The shares were due to commence trading on February 2, however, the tentative listing date has now been postponed to February 8, Business Spectator reported.

“The final BookBuild 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”, the ASX announcement reads. “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 8th February 2016.”

The amount raised is quite disappointing as the company hoped to raise around $20 million in the IPO. However, executives kept their chip up saying that the ASX bookbuild funds don’t include application subscriptions sent directly to the Computershare register from postal applications, and those processed by the company.

“We are very happy with the broad spread of new investors and the funds brought to the Bitcoin Group IPO by the ASX bookbuild service,” chief executive Sam Lee told Business Spectator without disclosing any additional details.

The ASX float aimed at providing was to give some accountability and transparency to the bitcoin industry.

Bitcoin Group Limited was founded in Melbourne in 2014 and as Australia’s largest mining operator, it assists in securing theAU$9.06 billion dollar Bitcoin Blockchain Network by validating 182,069 transactions every 24 hours, the company says in its website. The company has five computer centres in China and cracks one or two blocks a day using 6000 machines.

“As a bitcoin miner, our success is tied to the future of bitcoin as a currency and as a store of value. Our bitcoin mining operations help to provide the security for the Bitcoin Network and as a reward for this service, we are provided with newly minted bitcoins,” Mr Lee said.

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