Argo Mining (ARG) Raises $32.5 Million via IPO on London Stock Exchange

UK-based Argo Mining Becomes The First Crypto Entity To Be Listed On London Stock Exchange

Argo Blockchain, a crypto mining company from the UK became the first crypto company to be listed on London Stock Exchange. Argo raised £25 million as institutions and influential high net worth backers got behind the company’s mining as a service (MaaS) business model. The company had won the approval from the UK Listing Authority in May to be listed on the exchange and subsequently released its crypto mining subscription service in June.

A company document reveals that the exchange with about 156 million shares accounting for 53.2% of its issued shared capital. Shares were priced at 16 pence, giving the business a total market valuation of £47 million pounds (about $61.2 million). Mirabaud Securities Ltd acted as the sole bookrunner and stockbroker to the Company.

Argo was established in December 2017 to develop a global data-center management business facilitating cryptocurrency Mining as a Service (MaaS) to be available at scale to anyone, anywhere in the world.

The service went live on 11 June 2018 and initially covers four cryptocurrencies, being Bitcoin Gold, Ethereum, Ethereum Classic, and Zcash. These cryptocurrencies had a total market capitalization of over $51bn as at July 26th, 2018. The Company may, in future, add or remove cryptocurrencies from its service offerings.

Argo's system allows the user to configure and manage the cryptocurrency they wish to mine, which mining pool they wish to contribute to and how they would like to store the generated coins. The Company does not intend to offer any form of cryptocurrency custody service, and therefore the user will be responsible for the storage and security of their cryptocurrency.

Jonathan Bixby, executive chairman of Argo Blockchain Plc said,

“The London market really wanted to hear our story. They were very receptive to it and we've got some quality, long-term investors on board which I'm really excited about.”

The entire interview of Bixby can be found here.

Several other mining companies in the space are also considering IPOs. Market leader Bitmain is rumored to be conducting a pre-IPO funding round and to be considering going public. Two other China-based mining hardware makers, Canaan Creative and Ebang Communication have both filed IPO in Hong Kong.

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