Argo Blockchain, a crypto mining firm registered on the London Stock Exchange, has launched an Initial Public Offering in the United States.
According to a release, the crypto business has issued 7,500,000 American Depositary Shares (ADSs), which are equivalent to 75,000,000 ordinary shares, on the Nasdaq Global Market under the name ARBK.
A successful IPO might garner as much as £100 million, based on the last closing price of Argo’s ordinary shares, which was £1.334.
Since July, Argo Blockchain, which has a market valuation of £537 million (about $745 million), has been considering a listing in the United States.
Argo Blockchain is currently constructing a mining plant with a power capacity of 200 megawatts in Texas, United States (MW).
On September 10, the company reported that it had entered into a £18.05 million (about $25 million) credit deal with Galaxy Digital to expand its West Texas plant, using some of the bitcoin it has mined as security. Argo’s outstanding principal now stands at $45 million after the new loan was folded into an existing £14 million (or $20 million) facility.
In August, The Boatman Capital Research questioned if Argo had overpaid by up to 100 times for the land it purchased for the Texas project. But Peter Wall the CEO of Argo, defended the deal and said that they think it was a great deal for the company since it wasn’t just a land acquisition but a project acquisition via video through twitter.
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