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World First for Bitcoin Group IPO



14 October 2014

 

Bitcoin Group is to be listed on the Australian Stock Exchange in mid-November, becoming the world’s first publically floated bitcoin trading company. Following the positive guidance from the Australian Tax Office on the treatment of Digital Currencies, the team behind the world’s first and leading Cryptocurrency Arbitrage Fund, Bitcoins Reserve have in motion to be the world’s first official Bitcoin IPO listing.

CEO of Bitcoins Reserve and Bitcoin Group Sam Lee said: "Recognition through ATO's guidance is a huge step towards legitimacy of our industry. We look forward to providing the highest level of transparency to the industry by listing on the ASX.”

Sam Lee believes the unique technology behind Bitcoin can provide an unrivalled level of real-time transparency and accountability in all aspects of the financial markets. "Investors who participate in our 20 million dollar capital raising will capture a substantial share of what will be a Billion dollar-a-year industry," said Lee.

The main revenue model of Bitcoin Group is through "mining", which is a process of verifying transactions between users, effectively acting as a clearing house. This work done is rewarded with newly unlocked Bitcoins that can then be sold for other currencies on the open market.

"We manage risk through operating a vertically integrated mining business with the financial and strategic backing of all major players in the Bitcoin Mining industry. We believe we are well priced and positioned to help investors profit in what still is the most profitable segment within the Bitcoin ecosystem," said Lee.

“Over the next two years, the system is set to issue 1.3 Million Bitcoins per year and at current market value ($446 AUD per Bitcoin) this is equivalent to a $580 million dollar per year opportunity,” said Lee.

Bitcoin Group’s earliest investor, self-made billionaire Mr. Gao made his fortunes manufacturing, supplying and fitting fire safety systems throughout major metropolitan cities in China.

Although cryptocurrencies are considered a new concept, they have quickly gained traction amongst Venture Capitalists used as a global payment network that can rival those of Mastercard, Visa, Paypal, and with the potential to disrupt the existing $500 Billion a year remittance market, dominated by companies by current competitors.

Sam Lee is an active speaker on Bitcoin across Asia-Pacific, an organiser of Melbourne Bitcoin Meetup, and Director of Millennius, Australia's first major business to accept Bitcoin. Sam Lee has previously been involved in brokering international Government to Government (G2G) resource deals.

Bitcoins Reserve is the world’s first and leading Cryptocurrency arbitrage fund, and participated as a Bidder in the $18 Million dollar (USD) Silk Road Bitcoin Auction coordinated by the US Marshall Services in June 2014.

For media enquiries please contact:

Stephen Cuff, SPARK Communications
Tel: (03) 9693 6496  M: +61 431 324 631
Email:
stephen.cuff@sparkcomms.com.au