Blockchain goldrush: This blockchain company has zero revenue and is valued at $27 million on Australia Stock Exchange (ASX)

Call it Blockchain goldrush. Everyone is talking about blockchain these days. The question is, how many of the blockchain companies are really making money? StockHead, an Australia’s leading news source for emerging ASX-listed companies, combed through 400 quarterly reports and and found something that stood about the blockchain stocks. Stockhead found that a blockchain company that makes no money but valued at $27 million on Australia Stock Exchange (ASX). Would-be blockchain investor First Growth Funds, which is worth $27 million, still isn’t making any money at all.

FGF was floated on the ASX in 1986 and is a Listed Investment Company (LIC). FGF was reinstated to quotation on 17 February 2015 having been unquoted for several years and is now lead by a new management team experienced in the Investment Industry. The Company successfully raised over $1,500,000 dollars via Prospectus to meet the requirements of re listing and now looks forward to future opportunities to grow the company for all shareholders. FGF is currently seeking suitable investments that will deliver beneficial returns over both short and longer terms to complement its current investment.

Based on the analysis the latest 400 quarterly reports (excerpt below), Stockhead found that First Growth Funds (FGF) Limited has a higher valuation compared to other companies with hundreds of thousands of dollars in revenue.

On January 2, 2018,  FGF secured experienced blockchain play Blockchain Global as an investor to facilitate its plans to raise A$3.45 million to fund investments in blockchain technology, assets or businesses. In November, 2017, FGF entered into an investment agreement with Heuresy Labs for the development of  in a digital currency exchange.