Bitcoin Group to list on Australian stock market

Bitcoin Group, an Australia-based bitcoin miner, is seeking 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, as reported by AAP and later published by SBS.

About $18 million of the funds raised from its market listing will be invested into bitcoin mining equipment and facilities. The bitcoin miner expects its shares to start trading on the Australian Securities Exchange on November 11.

Another bitcoin miner, Digital BTC, has been trading on the local share market since June 2014. However, following the depreciation of bitcoin price, it has been shifting its focus away from bitcoin-reliant operations.

Andrew Plympton, chairman of Bitcoin Group, said the company produces about 1.57 per cent of the world's bitcoins at present, and operates bitcoin mining equipment at six sites in China and Iceland. 

In Bitcoin Group's prospectus, Mr Plympton said investors should be aware that the company is a newly formed entity, having been incorporated in September 2014 and the management team has no prior experience operating as a publicly listed entity. Also, the company is highly dependent on its mining operations in China, and the bitcoin price is highly volatile.

Bitcoin Group said it is projected to produce about 13.4 percent of the world's bitcoin mining output, based on a bitcoin price of $400.