West Coast Aquaculture Group (WCA) to Conduct Australia’s First IPO Accepting Cryptocurrency
Melbourne-based capital-raising platform Stax, known for its crypto-friendly stance, announced that one of its clients will lead Australia’s first initial public offering (IPO) to accept a virtual currency as payment.
West Coast Aquaculture Group (WCA) is inviting investors to participate in its initial offering. Investors can purchase company shares using Tether (USDT) or Australian dollars. USDT was chosen over other widely used cryptocurrencies such as bitcoin (BTC) and Ethereum (ETH) because it provides greater price stability.
The IPO will be managed by Agile Legal and Stax.
Stax CEO Kenny Lee highlighted that stablecoins are better positioned to deliver the practical benefits of cryptocurrency due to their lower volatility compared with other digital assets.
“Accepting USDT in an initial public offering is a transformative move in Australia and a meaningful step forward for broader crypto adoption. It paves the way for the future of capital markets in Australia,” Lee said.
He also noted that Stax plans to add support for other stablecoins in the future.
“We are democratizing access to a market that has been difficult for foreign investors to enter, which will benefit Australian businesses in the long term,” he added.
WCA operates one of the largest marine farms in Langkawi, Malaysia, where its core product is fresh grouper supplied to wholesale and retail customers across Malaysia, Singapore and Hong Kong. Proceeds from the IPO will be used to fund expansion projects, including the purchase of new hatchery and nursery facilities.
The company is offering between 10 million and 14 million shares at AUD 0.50 each, representing approximately 8.78% to 11.87% of the total available. WCA’s minimum fundraising target is approximately AUD 5 million. Following the raise, the company intends to work toward listing its shares on the Sydney Stock Exchange (SSX), with trading expected to begin around November 19.
SSX CEO Michael Go praised Stax for facilitating a capital raise that supports USDT.
“As an advocate for innovation in the capital markets, the Sydney Stock Exchange applauds STAX for enabling businesses to raise capital with USDT. This is a first and historic development in the Australian market that will influence the future of capital raising, particularly for growth companies,” he said.