Bitcoin Group float postponed as the world's first bitcoin miner IPO fails to catch investors' interest

 
Clara Guibourg
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"Our success is tied to the future of bitcoin as a currency" (Source: Getty)

The world’s first bitcoin trading float has had to be postponed, as the firm managed to raise less than two per cent of its target.

Australian bitcoin miner Bitcoin Group was hoping to become the first miner of the cryptocurrency to list publicly, but it seems its hopes have been dashed, as The Australian revealed it had raised just AU$367,902.20 (£182,203.67) when its IPO closed on 25 January.

The sum marks just 1.8 per cent of the firm’s goal to raise AU$20m. This is Bitcoin Group’s third attempt to float, after its first two attempts were thwarted by the Australian Securities and Investments Commission.

Bitcoin Group’s chief exec Sam Lee played it cool despite the disappointing results, saying the firm was “very happy” with the broad spread of new investors, and adding that the numbers don’t include all application subscriptions:

As a bitcoin miner, our success is tied to the future of bitcoin as a currency and as a store of value.

The firm was initially slated to begin trading on 2 February, but this has now tentatively been pushed back to 8 February.

Last summer Coinsilium became the first public bitcoin company in London, when it floated on the junior market Aim.

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