Traditional VC investment vs. bitcoin IPO There are few Bitcoin "stock exchanges" trading mainly BTC mining company pass-through shares, like 


https://btct.co/ 
https://bitfunder.com/ 


We are planning to get investment for our Bitcoin-related business. Instead of traditional Silicon Valley-style venture capital investment, we are investigating the opportunity of doing "Bitcoin IPO" and liquidate some of the company shares through pass-through exchanges. 

We are looking for 0,7M - 1,5M USD investment. This money would be spent to expand and internationalize our business and enable Bitcoin interaction for more people in across the world. We really need to convert the investment to fiat currency in some point, as for marketing efforts (Google ads, etc.) are paid in fiat currency.

Now I am looking for advice on what would be pros and cons of both options: VC investment vs. Bitcoin crowdfunding. We are pretty sure that doing a Bitcoin IPO first would close the door for VC investment, as our stock and IPR would get tainted with nameless Bitcoin investors of whose shares could not be bought back easily (am I correct?). However, we are also keen on doing a Bitcoin IPO because that way we could have more control over the company (not giving away voting rights) and steer the company to the direction more beneficial to the Bitcoin ecosystem instead of a 4-5 years exit plan. 

I am mainly looking advice on:


Valuation in both scenarios. We believe we could get higher valuation through a Bitcoin IPO. 
How much goodwill Bitcoin fans and current Bitcoin millionaires have to build the ecosystem
Credibility: a VC investment would give us more real-world credibility
Bitcoin is hot in old-fashioned VC industry right now. We have been contacted by several world-class VCs by themselves to discuss with us.
The legal implications: what is the relationship between pass-through shares and real shares? Should we move to live underground after a Bitcoin IPO to avoid possible later legal mess?
Should we found the company in some tax haven where laws are more relaxed (e.g. Seychelles)
It seems that the Bitcoin stock exchange industry is little shady, and it's hard to trust pseudonyms. Is it still too early to go there, as it might be that stock exchanges will be crashing within a year, like fiat money exchanges have, and we end up with a complete mess and lost information on shareholders, dividends and ownership?
This is ultimately a question where you may have to choose between liquidity and control.  Traditional VC investments are a lot more liquid, in other words, they likely have a lot more money to offer, than any bitcoin stock market.  At the current exchange rate, the amount you'd like to raise is equivalent to roughly 15,000 bitcoins (on the 1.5 million end of the the range, anyway).  

Localbitcoins - you're a popular enough exchange that you may very well be able to raise that much in a bitcoin IPO.  

I imagine it'd be a lot easier with a traditional VC to make that kind of money though, and that would be in fiat already for the marketing efforts that you're planning.  But the catch is that the money the VC provides will likely have strings attached, they'll want some control of your business in return for that kind of money, or as you said, the 4 - 5 year exit plan.   

The other issue that you have to consider here is this: what are you looking for in return for this money?  Are you just thinking of the money going towards shares of stock, as in a bitcoin exchange?  Or do you want business advice for your business as well?  A bitcoin exchange can definitely provide liquidity, how much, I don't know.  But if you want business advice, then you are likely better off with a traditional VC since they will be able to provide that for you.