Blockchain Global

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Bitcoin Group redirects here. Not to be confused with Bitcoin Group SE, a German venture capital firm.

Blockchain Global Ltd. is a multinational bitcoin mining and management consulting company headquartered in Melbourne, Australia. Founded as Bitcoin Group, after attempting to become the first digital currency company to IPO without a so-called 'backdoor listing', the company expanded its focus into management consulting and corporate incubation.

History[edit]

Bitcoin Group was founded in 2014 as a bitcoin mining company as a result of a partnership between Sam Lee, Allan Guo and Ryan Xu.[1][non-primary source needed]

As of September 2015, with seven bitcoin mining locations in Australia, China, and Iceland, Bitcoin Group's mining operation generated 6.2 petahashes,[1] approximately 1.57% of the Global Hash Power.[2] The company made a submission to the Australian Senate’s Economics References Committee for their 2015 inquiry into digital currencies. The submission advised the committee that while the company did not agree with the ruling on the GST treatment of digital currencies by the Australian Taxation Office, its ambitions would have been more difficult to realize without the regulatory clarity that it provided.[3][non-primary source needed]

Bitcoin Group announced that it would pursue an initial public offering (IPO) on the Australian Securities Exchange (ASX) in October 2014. The attempt was delayed by two stop orders from the Australian Securities and Investments Commission (ASIC). Following ASIC's request for an Independent Expert Report,[4] the company undertook a third attempt to list on the ASX through an IPO, planning to issue 100 million new shares by January 2016 and thereby raise $20 million at 20¢ a share and achieve a market capitalisation of $32.9 million based on 164,870,930 shares on completion of the offer.[5] Bitcoin Group closed their offer on 25 January 2016 after raising $5.9 million, less than a third of the target,[6] and in March 2016 withdrew the offer and refunded subscribers after ASX deemed their liquidity insufficient.[7] The company said the capital report by an independent accounting firm which the exchange had required did not take into account the expected rise in bitcoin prices following block halving in July 2016.[8][9]

In August 2016 Bitcoin Group rebranded as Blockchain Global[10] to reflect a broadened focus including management consulting and business incubation.[9] The company later developed the blockchain exchange platform ACX.io; in February 2017 it reached an agreement with Digital X to take over the function of that company's blockchain exchange platform, Digital X Direct.[9]

References[edit]

  1. ^ a b "Our Company". Bitcoin Group. Archived from the original on 13 September 2015.
  2. ^ "Bitcoin Group to list on share market". SBS News. 7 September 2015. Retrieved 9 September 2015.
  3. ^ "Digital Currency - Game Changer or Bit Player" (PDF). Australian Senate Economics References Committee. p. 36. Retrieved 10 September 2015.
  4. ^ "Bitcoin Group's IPO has been delayed again as ASIC requests a mining expert". Business Insider.au. Retrieved 23 November 2015.
  5. ^ Shaun Drummond (8 September 2015). "Third time lucky for Bitcoin Group at an IPO?". Sydney Morning Herald. Retrieved 9 September 2015.
  6. ^ Katy Barnato (2 February 2016). "World's first bitcoin mining IPO falls short". CNBC News. Retrieved 6 May 2019.
  7. ^ Fiona Lau; Jennifer Hughes (14 May 2018). "Chinese bitcoin mining gear makers set sights on world's largest bitcoin IPOs". Reuters. Retrieved 6 May 2019.
  8. ^ Georgia Wilkins; Shaun Drummond (9 March 2016). "ASX nixes Bitcoin Group's sharemarket float over capital concerns". Sydney Morning Herald. Retrieved 6 May 2019.
  9. ^ a b c Asha McLean (9 February 2017). "Blockchain Global scoops up Digital X's bitcoin liquidity desk". ZDNet. Retrieved 6 May 2019.
  10. ^ "IT Services: Company Overview of Blockchain Global Limited". Bloomberg. Retrieved 6 May 2019.

External links[edit]