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.

Rebuffed: Bitcoin Group chief executive Sam Lee, flanked by associates Jim Chen (left) and Allan Guo (right). Credit:Paul Jeffers

The company said on Wednesday it is withdrawing its IPO and will return the $5.9 million it raised to investors, blaming the corporate regulator for not allowing forecasts on the highly volatile 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.