Australian Bitcoin miner makes third attempt to IPO

Following two stop orders from the Australian Securities and Investments Commission (ASIC), Bitcoin Group, an Australia-based bitcoin miner, is to make its third attempt to IPO this November.

The company made the first announcement about pursuing an initial public offering (IPO) on the Australian Securities Exchange (ASX) in October last year. However, it got delayed due to a reprimand by the ASIC in February and two stop orders on its investor prospectus in July.

The firm lodged a "replacement" prospectus last Friday after ASIC lifted its second stop order, according to the Sydney Morning Herald, with its listing date now set for 11th November.

Bitcoin Group CEO Sam Lee told the publication the revisions to the prospectus were so that the regulator could make sure investors would be fully informed.

"As the world's first IPO in our industry, we are no doubt setting a precedent," he said. "ASIC's role to protect Australian investors means they need to understand our unique business model. We appreciate the patience ASIC have taken to understand what we do, and thank their co-operation in helping ensure our prospectus accurately reflects the current and future opportunity of Bitcoin Group."

The firm offers cryptocurrency arbitrage at present but told CoinDesk it would switch to mining the currency if its IPO is a success. It seeks to raise $20 million through the issue of 100 million new shares to the public at 20 cents per share and list on the Australian stock market.