Australian regulator issues stop order for Bitcoin Group’s IPO


Those of LeapRate’s readers who are interested in Bitcoin are probably familiar with the plans of Melbourne-based Bitcoin miner Bitcoin Group Ltd to have its shares listed on the Australian Securities Exchange (ASX).

If you are among those readers, then you are also perhaps aware that the company managed to finally lodge an IPO prospectus to the Australian Securities and Investments Commission (ASIC) on June 29, 2015, which was soon afterwards followed by a decision by the Australian regulator for the so-called extension of the exposure period.

Next up, on July 13, 2015, the regulator issued an interim stop order for the IPO prospectus, with reasons for that not publicly stated.

Let’s specify that ASIC has the right to issue such orders – they do not necessarily mean blockage of the IPO. A final stop order, however, would mean such a blockage.

This is not the first time ASIC restricts Bitcoin Group with regards to its IPO plans. In February this year, the regulator also issued a stop order regarding Bitcoin Group, ordering it to halt “publishing any statements concerning its intention to make an initial public offering of its shares until the lodgement of a prospectus.”

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Photo credit: ASIC.

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Photo credit: ASX.

ASX’s website shows Bitcoin Group’s proposed listing date is September 2, 2015, with the expected offer close date set at August 21, 2015. We have yet to see whether this schedule will change given ASIC’s actions.

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Australian regulator issues stop order for Bitcoin Group's IPO

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