Argo Blockchain Becomes First Crypto Firm to List on London Stock Exchange, Raises $32M in IPO

Argo Blockchain Becomes First Crypto Firm to List on London Stock Exchange, Raises $32M in IPO

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August 5, 2018 by Ian Moore
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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
Argo LSE

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.

Jonathan Bixby, co-founder of Argo, explained to The Telegraph how his company intends to “take the pain and heartache out of participating in the biggest new technology breakthrough since the launch of the internet.” It hopes to capture market share through helping the crypto curious mine, also known as Mining as a Service, MaaS.

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.

 


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