Bitcoin Group delays IPO to continue discussions with Australian regulator
Bitcoin Group has delayed its planned IPO on the Australian Securities Exchange (ASX) until 11th December, in order to allow it to address the concerns of the country's financial regulator. Disrupting the progress are claims that Prime Minister Malcolm Turnbull is a shareholder in the company, and misstatements about the company's profitability. A Bitcoin miner that uses complex mathematical equations to verify transactions between Bitcoin traders, the company is seeking to raise $20m through its IPO.

ASX hopeful Bitcoin Group has delayed its listing after running into trouble with the corporate watchdog over claims Prime Minister Malcolm Turnbull is a shareholder and "misstatements" about the company's profitability.

Bitcoin, which counts former St Kilda president and former NewSat director Andrew Plympton as its chairman, has also admitted statements in the press in September about its revenue that had "no reasonable basis".

Bitcoin Group has generated significant buzz ahead of its ASX listing. Credit: Bloomberg

The company's four-page supplementary prospectus also outlines how the company plans to deal with the money it raised from investors through an entity established in the Cayman Islands through Bnk to the Future Limited in a crowd-funding program. Bitcoin also gives notice that it has a related-party investor in the IPO – the father of the company's chief executive Sam Lee.

Mr Lee said the company had hired talented lawyers to help it steer through the IPO process.