Argo Blockchain Becomes First Crypto Firm to List on London Stock Exchange, Raises $32M in IPO
Cryptocurrency mining firm Argo Blockchain has successfully listed on the prestigious London Stock Exchange, raising a total of $32.5 million In its initial trading day.
Headquartered in London, Argo Blockchain runs its services from a data-center in Canada. It is the first cryptocurrency-related company to list on the London Stock Exchange (LSE). According to a report by The Telegraph, the company managed to raise £25 million (around $32.5 million) in its Initial Public Offering, bringing its total valuation to £25 million (about $61 million).
According to the LSE’s admission document, a total of 156,250,000 ordinary shares, representing 53.2% of the company’s issued share capital, were placed at 16 pence, or $0.21 per share. Registered shareholders such as Jupiter Asset Management, Henderson Global Investors, and Miton Capital helped secure that $32 million right out of the gate.
Founded in late 2017, Argo aims to build an international data center management business for assisting in crypto mining as a service (MaaS), which would be available to anyone in the world, the company’s LSE document states. The company’s platform itself has only been around a little over two months, however, subscriptions are currently sold out.
Subscribers have a choice of four cryptocurrencies: bitcoin gold, Ethereum, Ethereum classic, and Zcash which Argo mines on behalf of monthly subscribers, employing a similar model to that of Netflix. It provides the opportunity for people without the tools or knowledge to benefit from cryptocurrency mining.