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Online investment platform BnkToTheFuture has officially launched a fund to invest in the shares of Bitcoin Group Limited, Australia’s largest bitcoin mining operator, and the first Bitcoin company slated for an IPO
Online investment platform BnkToTheFuture has officially launched a fund to invest in the shares of Bitcoin Group Limited, Australia’s largest bitcoin mining operator, and the first Bitcoin company slated for an IPO on November 11, 2015.
The fund has already raised over US$2.9 million dollars, worth around 12% of the shares in Bitcoin Group during the first few hours since its launch earlier today.
BnkToTheFuture CEO Simon Dixon announced in a statement:
“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.”
Bitcoin Group is currently offering 15% out of 60.7% of its shares that will be offered on the Australian Stock Exchange (ASX) next month under the ticker BCG. The company received an approval from the Australian Securities and Investment Commission on September 4, for an US$14.5 million public offer, despite several failed attempts previously.
“The public offer will mark a significant milestone for our company and for the broader industry because it will help to advance recent regulatory initiatives by the Federal Government aimed at bringing clarity and accountability around the benefits of bitcoin to Australian consumers and businesses,” said Bitcoin Group CEO Sam Lee in a press release.
Currently, 12 investors have invested US$2,924,318 in the fund, which accounts for 80% of the company’s investment objective. The fund will be live for the next six days, during which investors will be able to get ahold of the remaining 3% of the company’s equity.
Investors are highly optimistic in the potential of Bitcoin Group, due to its rapid expansion of revenue, development of profitable mining equipment and falling electricity costs.
According to Bitcoin Group’s 2015 annual report, the company has recorded a mining revenue of US$1.27 million and a net cash flow of US$315,000, making the firm one of the most profitable miners in the industry.
With the new financing from the BnkOfTheFuture platform and its upcoming IPO, Bitcoin Group aims to establish itself as one of the most dominant bitcoin mining firms in the world.
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