First Crypto Firm IPO on London Stock Exchange Raises $32.5 Million
As previously reported by CoinDesk, market leader Bitmain is rumored to be running a pre-IPO financing around and also to be considering going public. Two other China-based mining hardware manufacturers, Canaan Creative along with Ebang Communication have filed IPO applications together with all the Hong Kong Stock Exchange.
The company won approval from the UK Listing Authority in May to be recorded on the exchange, and subsequently released its crypto mining subscription support in June. According to its site, Argo provides users three packages differentiated by the ability of their mining power. BTG, ETH, ZEC and ETC are currently supported. All its packages are sold outthere.
U.K.-based Argo Mining (ticker: ARB), that provides”available” crypto mining using a subscription service, is the very first crypto firm to be listed on the LSE. The company raised £5 million (about $6.5 million) over its first objective of £20 million through the IPO.
Argo kicked off to the exchange with approximately 156 million stocks accounting for 53.2% of its issued mutual funds, according to a company document. Shares were priced at 16 pence, giving the business a whole market valuation of £47 million pounds (about $61.2 million).
“More than 90% of crypto mining is done by elites on industrial scale as it’s technically quite difficult to perform,” Bixby has been quoted as stating. “It is incredibly expensive to buy, up front, the hardware that you will need at 5,000 a device ”
“Argo’s admission to the London primary market is a significant step in the firm’s development and will place us in a powerful position to execute our long-term expansion strategy,” executive chairman Jonathan Bixby said in the document. “We are thrilled with the strong response from shareholders that will enable us to develop our business in several jurisdictions.”
IPOs are being also considered by Many mining companies in the space.
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A crypto mining firm has raised £25 million (approximately $32.5 million) via an IPO on the London Stock Exchange (LSE).
Bixby advised the Financial Times around the time of this launch that Argo would like to be”the Amazon Internet Services of all crypto.”
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