SEC Temporarily Suspends Trading in Little-Known Bitcoin Miner’s Shares

UPDATE (May 1, 2019, 18:50 UTC): Bitcoin Generation said in a statement that it plans to provide the SEC with the information the regulator requested.

The U.S. Securities and Exchange Commission (SEC) is temporarily suspending trading of shares in a little-known, self-described crypto exchange and mining firm called Bitcoin Generation (BTGN).

The regulator announced Monday that it was suspending trading until 11:59 P.M. Eastern Daylight Time on May 10, 2019 (or 03:59 UTC May 11) due to concerns that some information BTGN has made public may be inaccurate.

Specifically, the SEC is concerned about a bond that BTGN “purportedly acquired from an entity based in the United Kingdom”; how much BTGN stock is outstanding; promotional activity related to BTGN; and the “accuracy and adequacy of current public information regarding BTGN’s financial condition.”

The notice added:

“The Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.”

Crypto in the Heartland

Based in Bartlesville, Oklahoma, Bitcoin Generation describes itself on its website as a crypto exchange, offering dollar trading pairs with bitcoin, ethereum, litecoin (listed twice), bitcoin cash SV, monero and XRP (listed as “Ripple,” despite that company’s insistence it does not control the cryptocurrency).

The site also claims the company runs a mining facility with more than 10,000 machines.

According to Bloomberg, Bitcoin Generation’s most recent income statement dates back to the third quarter of 2015, though no data from that period was available.

One of Bitcoin Generation’s board members listed by Bloomberg is Janice Gray of Inolife Technologies, the firm trading under the BTGN ticker according to Google.

SEC logo image via Shutterstock