World’s first bitcoin mining IPO falls short

Although the amount raised was less than a third of the target, Bitcoin Group CEO Sam Lee said it was a “solid result.”

“It is sufficient for the company to execute its current strategy of expanding our footprint through acquiring new mining equipment,” he told CNBC on Tuesday.

Read MoreBitcoin: CNBC Explains

Bitcoin is a digital currency that allows users to exchange online credits for goods and services. Because there is no central bank, bitcoins are “released” online through a process known as mining. The process is carried out by a decentralized network of computers, which compete with one another to match transactions with the amount of the currency in circulation. Whichever computer gets the calculations correct, can then claim the transaction fees on the newly released bitcoins.

Bitcoin Group is yet to quote on the ASX, although this was scheduled to take place on Tuesday. It is expected to trade under the ticker BCG.

Shares were priced at 0.20 Australian dollars, with minimum subscription of 2,000 Australian dollars and no maximum subscription.

Read MoreIPO: CNBC Explains

Bitcoin Group was incorporated in September 2014 and

Read more ... source: TheBitcoinNews

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