Bitcoin Group, an Australian-based cryptocurrency arbitrage service, is working on an initial public offering for its company.
If it works, this will make it one of the first publicly traded Bitcoin businesses.
The company is hoping to raise $20 million by selling its stocks at 20 cents per share, as part of a plan to shift the company’s direction.
Bitcoin Group’s modus operandi is focused on automated cryptocurrency trading, which moves money from one Bitcoin exchange to another to take advantage of price differences when prices change from the historical average. This has allowed them to deliver investors enormous returns of over 700% since June 2013.
From Arbitrage To Mining
However, once the company raises enough capital during its IPO, founder Sam Lee wants to refocus Bitcoin Group’s efforts on mining instead.
To make sure the mining process is profitable, the company will be negotiating with Bitcoin mining machine manufacturers as well as electricity companies.
Investors
Bitcoin Group has already received pre-IPO investment from Chinese millionaire Allan Gao, who helped fund the company’s early expenses, including legal fees and brokerage fees.
The rest of the company’s investors could come from a wide range of sources. A number of well-known investors in the Bitcoin community are often on the lookout for new investment opportunities. Roger Ver earned his nickname “Bitcoin Jesus” from his angel investments in many Bitcoin startups, and Sir Richard Branson has been investing in Bitcoin companies like BitPay and Blockchain.
Bitcoin Group Aims For An IPO
No comments:
Post a Comment