Resources-focused investment fund Macro Energy will become the first Bitcoin company to be traded on the ASX after a large-scale restructure, announced today.
Macro Energy had been seeking new investment opportunities after seven loss-making years. Shares were trading at $0.026 before the market opened today, giving the company a market cap of $1.89 million.
Macro Energy halted trading last Tuesday and today announced that it had acquired Bitcoin mining and trading company digitalBTC and raised $9.1 million in an oversubscribed capital raising round.
The company will rename itself “DigitalCC Limited” as part of the transaction. All directors will step down, to be replaced by digital-savvy executives Zhenya Tsvetnenko, Alex Karis, Emmanuel Abiodun and William Brindise.
“As the Bitcoin system matures beyond its initial niche and begins to realise its true potential, sophisticated service firms will be increasingly required to facilitate the system,” Tsvetnenko said.
“We believe that sophisticated intermediaries such as digitalBTC can derive significant profit in supporting this emerging growth phase of Bitcoin, as it takes its place as a true worldwide currency.
“Whilst Bitcoin is the leading digital currency system, digitalBTC will also participate in other emerging digital currencies as they enjoy similar growth rates to Bitcoin and will compliment and support digitalBTC’s overall business strategy.”
Macro Energy expects to have a market cap of $33.2 million following the transaction, with about $12.4 million in cash on-hand and an enterprise value of $20.8 million.
Shares opened up almost 40% and were trading at $0.039 shortly after trading commenced today.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.