Bitcoin Miner Files to Go Public in the US Stock Market
Argo Blockchain, already listed on the London Stock Exchange, expects the proposed offering to start in Q3, subject to SEC approval.
Bitcoin mining company Argo Blockchain is the latest one to file for an initial public offering (IPO) in the US market.
Riot Blockchain (RIOT) and Marathon Patent Group (MARA) are already public in the US on Nasdaq and have market capitalizations of $2.18 billion and $2.25 billion, respectively.
Amidst the ongoing positive sentiments in the crypto market, especially in the private market, companies continue to raise money one after another, taking advantage of the 2021 bull market.
The London-based company is already listed on the London Stock Exchange under the ARB ticker and on the OTCQX Best Market in the United States under the ARBK ticker.
According to the filing, Argo is seeking a dual-listing on American Depositary Shares (“ADSs”). This mechanism is usually used by public companies to expand their reach to US investors.
However, the number of shares and the price range for the proposed offering haven’t been determined yet.
Argo is expecting the proposed offering to start in the Q3 of this year after the SEC has completed its review process and approval.
In the filing, the company describes itself as a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy.
Founded in 2018, Argo secured a $20 million loan with BTC as collateral from Galaxy Digital just last month to expand the company's facilities while keeping their Bitcoin in reserves.
This week, Core Scientific also announced that it is going public via SPAC. Back in March, Greenridge Generation Holding went public through a merger with Support.com (SPRT), and the same month Bitfury’s subsidiary Cipher Mining announced its plans to go public via a merger with Good Work Acquisition Corp.