An Australian bitcoin firm waiting to go public is facing further delays after the Australian Securities and Investment Commission issued an interim stop order. The stop order issued for undisclosed reasons has delayed Bitcoin Group’s plans for an early IPO.
Bitcoin Group is a pureplay bitcoin mining operator with its office located in Victoria, Australia. The company had announced its plans to be the world’s first cryptocurrency company to have an IPO and go public during the second half of last year. In spite of these delays, Bitcoin Group might still have a change to be the first one in the digital sector to go the IPO route unless the UK based Coinsilium overtakes it to the finish line.
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Bitcoin Group was rebuked earlier this year by the Australian Securities and Investment Commission for its unprofessional approach in garnering public interest for the upcoming IPO. The company was using social media channels to promote its upcoming IPO even before filing the prospectus. On a later date, Bitcoin Group announced that it has filed the prospectus on 29th June.
The interim stay order on Bitcoin Group’s impending IPO maybe due to some issues with the investment prospectus filed by the company. According to the Australian Securities and Investment Commission’s guidelines, stop order can be issued if the commission finds some misleading or deceptive content in the prospectus or if there are any omissions or pending revisions of the document.
The exposure period for Bitcoin Group’s investment prospectus was extended on 6th July before issuing the interim stop order after a week.
Another Australian company digialBTC holds the distinction of being the first company in the country to trade bitcoin stocks on the Australian Stock Exchange. In United States. Bitcoin Shop Inc. is already trading over the counter stocks along with other companies who are trading into bitcoin penny stocks.