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Bitcoin Group Limited (ASX code BCG) has received Australian Securities and Investment Commission (ASIC) approval on 4 September for an AU$20 million public offer, with a proposed listing on the Australian Securities Exchange (ASX) scheduled for 11 November 2015.

Registered on 4 September 2014, the company has turned a gross profit of AU$431,000 for FY2015 after establishing its first mining operation in January this year.

The world’s first Bitcoin industry IPO offers retail and institutional investors a 60.7% share of Bitcoin Group’s profitable mining operation to create a truly public Bitcoin company. With 8.6% and 30.7% retained by the cofounders and existing shareholders, respectively.

The proposed IPO is on track to be oversubscribed with Bitcoin Group having already reached its minimum capital raising target. Considering this demand, Bitcoin Group is limiting its ASX BookBuild to AU$2 million.

Approximately 90% of proceeds raised from the IPO will go towards expanding Bitcoin mining’s operations and meeting the costs of its existing activities. The remaining 10% of capital will cover expenses associated with salaries, sales commissions, listing fees and marketing.

The CEO of Bitcoin Group, Sam Lee, said the impending IPO would bring greater legitimacy to the industry, and lead to greater transparency and awareness on behalf of prospective investors.

“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”, he said.

“This is good for investors who, ultimately, will be better placed to make informed decisions about the role and merits of a company like Bitcoin Group. As an industry leader and soon-to-be share market 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”, said Mr Lee.


Bitcoin Group Limited has capitalised on its first-mover advantage and strong global industry networks to operating highly efficient mining operations as it continues to play an important role in growing the innovative industry.  Falling electricity costs, state-of-the-art mining equipment and expanding revenue are combining to create a positive NPAT, which acts as a solid foundation for the Bitcoin Group in the lead up to the company’s public offer.

Mr Lee said “As a pure-play Bitcoin mining operator, we support the infrastructure layer of the Bitcoin industry, which has seen continued expansion fuelled by more than AU$1.2 Billion invested into the industry by VC firms to date.”

“Westpac has invested in the industry to keep an eye on what it sees as the most disruptive technology to emerge in the finance industry this century”, he said. “And, Richard Branson, who also has a significant stake in the industry, has joined the call for further regulation to bring greater confidence and legitimacy to the industry”, said Mr Lee.

Bitcoin was invented six years ago with the mathematically proven Bitcoin mining designed to be incentive model that secures the Bitcoin Network through validating transactions which in turn gives Miners such as Bitcoin Group access to newly minted Bitcoins. fast forward to today, the network processes on average over 100,000 Bitcoin transactions daily, and every month rewards participating miners around 108,000 Bitcoins, which at today’s market value, represents a market opportunity of AU$38 million per month.

Currently there are 14.6m Bitcoins in circulation, which currently values the Bitcoin Network at AU$5.1 billion dollars.

With over 400 petahashes of calculations powering the Bitcoin Network, this is equivalent to over 400,000 specialised mining machines consuming around AU$1 million of electricity a day. With the processing power of all the computers networked together to maintain the Bitcoin network far exceeds the combined processing strength of the top 500 most powerful supercomputers.


– ENDS –


Further information:

Martin Davidson

Business Development Manager

T: 0409 830 536


About Bitcoin Group Limited

Founded on 4 September 2014, Bitcoin Group has operations in China, Iceland and Australia and is focused on becoming one of the world’s largest bitcoin mining companies. It is a pure-play Bitcoin mining operator, currently producing approximately 1.57% of the global mining output through its seven mining sites.  The Bitcoin Group uses its unique expertise and industry connections to secure the bitcoin network through its bitcoin mining operation.  It is focused on creating a more convenient means by which the general public can manage and transfer money.



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