Mining Firm Argo Blockchain Becomes the First Crypto Firm to Join London Stock Exchange
Crypto mining firm Argo Blockchain has become the first crypto firm to get listed on London Stock Exchange (LSE), raising a whopping $32mil for a total valuation of $61mil, The Telegraph reported on Friday, August 3.
The London-based crypto mining company offers investors the ability to mine four major cryptocurrencies through their computers or mobile devices in exchange for a monthly subscription fee. Currently, Argo allows investors to mine Bitcoin Gold (BTG), Ethereum Classic (ETC), Ethereum (ETH), and Zcash. After paying the monthly subscription fee, customers are provided direct access to firm’s mining rings and enables them to deposit all mined coins in their digital wallets.
According to the detailed admission document released by the LSE, approximately 156,250,000 ordinary shares, representing about 56.2% of the crypto mining firm’s issued share capital on admission, were placed at 16p per share, valuing the company at a market capitalization of a whopping £47 million.
The report by the Telegraph notes that Argo Blockchain PLC has raised about £25mil, with some registered shareholders that include Henderson Global Investors, Jupiter Asset Management, and Miton Capital.
Jonathan Bixby, co-founder of the firm, told the news outlet that the company’s mining subscription system was designed to make it easier to participate in the “biggest new technology breakthrough since the launch of the internet”.
Argo is a crypto mining firm that was founded in 2017, with an aim to build an international data center management business to assist the development of crypto mining as a service (MaaS) – a service that would be available to everyone in the world, the LSE document explains.
Initially launched in June this year, the platform already boasts of a huge user base – all of its monthly subscriptions are already sold out, according to the company’s official website. Argo will be able to add and remove cryptos from its offerings in future, its initial admission document notes.
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