World’s First Bitcoin Mining IPO Hosts Campaign on BnkToTheFuture
Initial Public Offerings are not that uncommon in the Bitcoin or investment world these days. Rolling out new services, increasing staff numbers, and expanding the business on an international level all cost a lot of money, and funds have to come from somewhere. Besides, an IPO gives company owners an idea on whether or not there is an interest in their service. That being said, a Bitcoin mining company hadn’t IPO’d before, until now.
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Bitcoin Group Limited Holds IPO on BnkToTheFuture
The name Bitcoin Group Limited is somewhat known in Australia, where the company was founded in early September of 2014. With operations in Australia, China, and Iceland, Bitcoin Group Limited aims to become one of the world’s largest Bitcoin mining companies. They will be facing stiff competition from established names such as BitFury Group and others, though.
At the time of publication, Bitcoin Group Limit produces 1.57% of the entire Bitcoin mining output in the world. While that number may seem small right now, things could look very different once their IPO has [successfully] come to an end. With a total of seven mining sites around the world, the company reduces mining latency to a minimum and enjoys the benefits of cheaper electricity in certain regions.
There has been a fair amount of controversy regarding Bitcoin mining in the past year or so, as many community members feel that mining will not be profitable in the near future. With a Bitcoin price below the US$300 mark, it is next to impossible to break even for people with no access to cheap[er] electricity solutions. For companies like Bitcoin Group Limited, that story might be different, though.
But there is more, as Bitcoin Group Limited has confirmed they will be listing their shares on the Australian Securities Exchange — ASX — on November 11, 2015. Doing so will give the company a broad visibility in the traditional financial spectrum, and bring a more “legitimate” aspect to their intentions.
Approval from the Australian Securities and Investment Commission gives Bitcoin Group Limited the right to hold an AU$20m public offer. The campaign currently running on BnkToTheFuture has nothing to do with this offer, as the company decided to give qualifying investors a chance to invest online.
Choosing for BnkToTheFuture as their fundraising platform seemed to be a no-brainer for Bitcoin Group Limited. BnkToTheFuture has over US$30m invested in fintech opportunities innovations alone. The Bitcoin Group Limited offering has raised over US$3m so far on the BnkToTheFuture platform, and there are still a handful of days left for the campaign.
“Stock exchanges around the world have a long history in listing gold and oil mining stocks, but Australia will become the first ever to list this new form of mining stock. Investors are now able to invest pre-IPO online through BnkToTheFuture.com.” — BnkToTheFuture CEO Simon Dixon told the media.
A Positive Sign For Bitcoin
One thing’s for sure: Bitcoin can use some more positive attention, especially within the traditional financial world itself. Over the years, Bitcoin has gotten a negative reputation in mainstream media, but Bitcoin Group Limited is determined to restore the digital currency’s legitimacy. In doing so, prospective investors will get valuable insights about Bitcoin and the community, in the order of transparency.
“As an industry leader and soon-to-be Sharemarket pioneer, we play a critical role in continuing to educate the market while providing investors access to an exciting, high-growth industry sector through a profitable investment vehicle.” — Bitcoin Group Limited CEO Sam Lee stated.
Source: Press Release Via Email
Images courtesy of BnkToTheFuture, Bitcoin Group Limited, Shutterstock
Originally published at Digital Money Times.