Bitcoin Group announces temporary abandonment of listing application

Bitcoin Group announced today that it has suspended its listing application, abandoned its IPO plan, and will return the A$5.9 million raised to investors due to "failure to meet ASX requirements."

In a letter to investors, the company said:

“ASX required Bitcoin Group to produce a working capital report from an independent accounting firm, which is not specifically required for listing on the ASX. In preparing the report, independent accountants Grant Thornton were required to factor in the Bitcoin block reward halving, which happens every four years in July 2016, but not the expected rise in the price of Bitcoin.”

Australian regulators ban any predictions on Bitcoin prices.

However, Bitcoin Group said that after the Bitcoin mining reward is halved in July this year, it will consider a new round of IPO around September.

Bitcoin Group CEO Sam Lee told ZDNet in January that he is very confident about the upcoming IPO and believes Bitcoin is a billion-dollar industry, not a million-dollar industry.

Digital CC, a Bitcoin company previously listed on the Australian Stock Exchange, announced in October last year that it would abandon its Bitcoin mining business and instead engage in the development of remittance products and other software, and changed its name to Digital X.

Despite the change in business direction of his peers, Lee remains confident in the future of Bitcoin Group and believes they will be able to successfully list on the Australian Stock Exchange.

Lee said:

“The 2015 rebate has proven our business model, that we have the expertise and that we are connected to the right sectors, so I think that will be the case in 2016 as well.”

Original article: http://www.zdnet.com/article/asx-listing-rule-forces-bitcoin-group-to-pull-out-from-ipo/
By Georgia Wilkins
Compiled by: printemps
Source (translation): Babbitt Information (http://www.8btc.com/bitcoin-group-withdraw)