ZigGap Launches IPO on BitFunder, Sells 10,000,000 Shares in 60 Minutes

With no prior announcement, ZigGap launched their IPO on BitFunder today, catching the Bitcoin investing community by surprise. Traders were quick to react, however, as the initial sale of 10,000,000 shares was rapidly bought up, putting 500 BTC in the hands of ZigGap's owners.

In the last few weeks you may have noticed their advertisement on the right-hand side of this blog, though it wasn't until a few days ago that the site launched in earnest with a new design.

Based out of Florida, ZigGap has their sites set on some of the market share currently being enjoyed by BitInstant and Coinbase, both of which have been doing brisk business over the last few months as copious amounts of new capital has been pouring into the Bitcoin economy. Coinbase, alone, recently reported over $1,000,000 in volume in less than a month.

In a post on the Bitcointalk.org Securities sub-forum, ZigGap reported, in only a couple of weeks of private beta testing, that they have processed $22,824.56 in orders and profited $907.52.

Based on the first 10,000,000 shares (20% of the total outstanding), the company is valued at a modest $75,000.00. ZigGap intends to use the revenue from the IPO to cover the costs of adding additional payment processing options to their service. Additional shares will be offered on BitFunder in the coming days and weeks.

Disclosure: the author is long ZigGap.

Posted in: BitInstant,Coinbase,ZigGap