Bitcoin Group is one of those companies who had high hopes of getting listed on the Australian Securities Exchange and bring more positive attention to digital currency. Unfortunately, those plans have been scrapped, as the company might not have enough cash at their disposal to survive its first year on the market. With such a grim future ahead, it only makes sense to rethink the plan and focus on building up the company through other means.
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While it is certainly disappointing for the Bitcoin Group team to hear they would not make it through the first year of being listed on the Australian Securities Exchange , it is also good news in a way. Sometimes, the honest bad news is the best way to rethink the future of a company, and there is no doubt Bitcoin Group will come up with an alternative strategy to raise more funds.
In fact, that plan might result in a new Bitcoin Group IPO in the coming months, as this event would take place after the Bitcoin reward halves. Many people expect the having to give the Bitcoin price a big nudge upwards, although it is impossible to guess how the market will respond. The price could go down or remain stagnant as well, and only time will tell if there will be a growing interest in the digital currency come this Summer.
Moreover, Bitcoin Group has announced all of the funds raised in the current IPO will be returned to investors. So far, the company managed to raise US$5.9m, which is not bad, but it is not a stellar amount either. The company had set a goal of reaching US$20m through their IPO, which is a rather high […]
