Something went wrong on our end. Please go back and try again or go to Amazon’s home page. Banking and Finance, Markets, Bitcoin Group, Bitcoin Group IPO, working capital, Grant Thornton, ASX, ASX IPOs. Bitcoin Group has pulled its float after the Australian Securities Exchange said the Bitcoin miner would have to make a fresh offer to investors because it is not convinced the bitcoin group share movies has enough cash to get through its first year on the market.
Become a SMH member today! Join today and you can easily save your favourite articles, join in the conversation and comment, plus select which news your want direct to your inbox. Bitcoin Group has pulled its float after the Australian Securities Exchange said the Bitcoin miner would have to make a fresh offer to investors because it is not convinced the company has enough cash to get through its first year on the market. But the Bitcoin miner said it will consider a fresh IPO after the so called “Bitcoin halving” due in the middle of this year, which is expected to have a dramatic effect on the Bitcoin price.
Bitcoin price to be used in an assessment of Bitcoin Group’s working capital. The key reason for the withdrawal of the offer is due to the requirement of the ASX, that Bitcoin Group procure a working capital report from an independent accounting firm, a report not specifically required for a listing on the ASX,” the bitcoin miner said in a statement. In preparing the working capital report Grant Thornton, the independent accountant, was required to factor in the reduction of newly minted bitcoins released on the occurrence of block halving in July 2016, without regard to the expected increase in bitcoin price. Unfortunately, prohibited any forecasting on the bitcoin price which resulted in a report which did not allow for any increase in bitcoin price upon the number of bitcoins available to be mined halving in July 2016. Bitcoin halving is part of the original rules of Bitcoin and is aimed at reducing inflation in a currency with a finite supply. The next halving is expected to occur around June 2016. It will mean Bitcoin miners will receive half their usual reward for verifying bitcoin transactions.
Many argue this will increase the value of Bitcoin itself, however, but this is not certain. Get the latest news and updates emailed straight to your inbox. 500 Bitcoin price which would see it needing to raise funds again by September 2017. But the ASX rejected the findings and said if the company wished to continue trying to list it would have to reopen its offer and raise additional funds to “an amount sufficient to deliver it adequate working capital to carry out its stated objectives and to have a sustainable business model. ASX over projections for the stock.
This involves cracking complex encryption of the blockchain, which is how bitcoin transactions are verified. The company gets bitcoins as a reward for doing this, so its future is closely tied to the value of the digital currency. Your comment has been submitted for approval. Please note that comments are moderated and are generally published if they are on-topic and not abusive. How low can you go?