Australia's first listed Bitcoin company

Read Warren Buffett's view of Bitcoin

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Published March 13, 2014 3:26 pm AEDT

With the unlikely name of Macro Energy Limited (ASX: MEJ), Australia's first listed digital currency trading company and Bitcoin miner has been born.

Macro Energy has acquired Digital CC Holdings, which owns the business digitalBTC. digitalBTC will be the first digital currency focused company listed on the ASX, and it seems investors are falling over themselves to invest.

A capital raising of $9.1 million used to acquire Digital CC Holdings was oversubscribed. Macro expects its listing on the ASX to gain an advantage from the corporate transparency and compliance required by an ASX listing.

You may scoff, but according to Macro Energy's ASX release, digitalBTC's current operations are cash flow positive.

Operating predominantly with Bitcoin, Exzecutive chairman Zhenya Tsvetnenko said,

"Bitcoin is a highly exciting and fast emerging currency system which I believe will dramatically change the way in which many users approach making payments or financial transfers in our new hyper-connected, globalised world where the old boundaries and intermediaries between citizens and firms in different locations become less relevant."

While Bitcoin is the leading digital currency, according to digitalBTC, the company will also participate in other emerging digital currencies, as well as developing associated digital currency software and apps.

Macro's managing director, Brett Lawrence said the company had been looking for high quality investments and digitalBTC fulfilled all key criteria. Once the transaction is complete, the company will have a market cap of around $33 million, including $12.4 million in cash.

Foolish takeaway

Investors thinking of investing in Australia's first listed Bitcoin company may want to remember Warren Buffett's recent comments on CNBC about Bitcoin.

"It's not a currency," he said. "I wouldn't be surprised if it wasn't around in the next 10-20 years. It's being priced off the [US] dollar," Buffett added. "It is not a durable means of exchange."

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