Cryptocurrency mining firm Argo Blockchain has recently become the first in the industry to be listed on the London Stock Exchange (LSE) under the ticker ARB, raising a total of £25 million (about $32.5 million) through an initial public offering (IPO).
Argo Blockchain, according to its website, provides “accessible” cryptocurrency mining services via a subscription-based model. The company, based in the UK, lets users mine four cryptocurrencies – Bitcoin Gold (BTG), Zcash (ZEC), Ethereum (ETH), and Ethereum Classic (ETC) – through its services. Mined funds are directly sent to users’ wallets.
According to an initial admission document from the LSE, Argo Blockchain placed a total of 156 million ordinary shares, that represent 53.2% of its issued share capital, at 16 pence per share. This gives the firm a £47 million ($61.1 million) valuation.
The company raised its £25 million ($32 million) with registered shareholders, including Jupiter Asset Management, Henderson Global Investors, and Milton Capital. In the document the company’s executive chairman, Jonathan Bixby, was quoted as saying:
Argo's admission to the London main market is a major step in the company's development and will put us in a strong position to execute our long-term growth strategy. We are delighted with the strong response from investors which will enable us to grow our business in multiple jurisdictions.
Per The Telegraph, Argo Blockchain won approval from the UK Listing Authority back in May, and launched its subscription-based crypto mining services in June. The company is set to build an international data center management business to assist in expanding its crypto mining as a service (MaaS) model.
At press, all of Argo’s packages are sold out. Reportedly the company will be able to add or remove cryptocurrencies from its offerings in the future.
Notably, various other cryptocurrency mining firms are also looking into IPOs. As CryptoGlobe covered, bitcoin mining hardware manufacturer Canaan, which recently launched a bitcoin mining TV set, submitted an application for an IPO in Hong Kong.
Canaan’s biggest competitor and leading mining hardware manufacturer Bitmain is also considering an IPO. Bitmain, valued at $12 billion in a series B funding round in which it raised between $300 and $400 million, has also invested $50 million in Opera browser’s IPO