Crypto Mining Firm Argo Blockchain Heads to Nasdaq
Argo Blockchain is offering 7.5 million American Depositary Shares on the Nasdaq Global Market.
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Argo Blockchain’s IPO could raise over $145 million.
Argo Blockchain Goes Live on Nasdaq
Argo Blockchain has launched an Initial Public Offering, the firm announced today.
— Argo (@ArgoBlockchain) September 14, 2021
The crypto mining firm, which is also listed on the London Stock Exchange, is offering 7.5 million American Depositary Shares on the Nasdaq Global Market under the symbol ARBK. American Depositary Shares are a type of equity share for a company based overseas that lists on an American stock exchange. They’re denominated in U.S. dollars; 7.5 million ADSs is the equivalent of 75 million of the firm’s common stock.
Argo’s shares are currently trading at about £1.40 ($1.94) in London after a sharp rise early Tuesday. At the current prices, the Nasdaq IPO could raise £105 million ($145.5 million).
Earlier this year, Argo acquired DPN LLC. The deal saw Argo receive a plot of land in West Texas, where it’s currently building a mining facility. The firm has since been raising funds to construct the facility, including £32 million ($44 million) in loans from Galaxy Digital, the assets firm run by Mike Novogratz.
Argo’s market capitalization is currently £533.4 million ($739 million). The firm has been exploring the possibility of a U.S. listing since July.
Argo is not the only mining firm to look to the U.S. this year: in June, the Canadian firms Hive Blockchain and Bitfarms both listed on Nasdaq, while many other firms have relocated to Texas amid a crackdown on the sector in China.