Argo Blockchain Recently Completed an IPO Raising $32 Million

Argo Blockchain Recently Completed an IPO Raising $32 Million

August 17, 2018 Off By Steven Anderson

The UK-based digital coin mining company Argo Blockchain has now become the first crypto company to be included on the London Stock Exchange listing. Recently, the company was able to complete an Initial Public Offering (IPO). Argo Blockchain placed at 156,250,000 ordinary shares, which accounts for 53.2% of the company’s issued share capital, each valued at 0.16 GBP.

Argo’s IPO was able to raise 25 million GDP, around $32.5 million, which increased the total market valuation of the company to 42 million GDP or $61.1 million.  The Executive Chairman of Argo Blockchain, Jonathan Bixby commented on the company’s successful listing saying their admission to the London Stock Exchange is a milestone in the development of the company.

Their admission to the main market of London puts them in a strong position allowing them to execute their long-term strategy for the company’s growth. The strong response of Argo’s investors effectively enables the company to grow in multiple jurisdictions. Among the company’s shareholders are Henderson Global Investors, Miton Capital, and Jupiter Asset Management.

On the other hand, Jonathan Bixby and Mike Edwards who are the founders of the company own 13%. The UK Listing Authority gave the company’s approval to list on the London Stock Exchange in May. The company’s digital coin mining subscription was released in June. Argo plans to use the listing’s proceeds to drive their expansion. According to Bixby, there is a grand vision behind Argo Blockchain.

The company was founded to eliminate all the operational difficulties and stress often experienced by people wishing to enter into the cryptocurrency mining market. Argo allows them to partake financially freely in the “fifth industrial revolution.”  To effectively operated bitcoin and other cryptos, mining is vital. For this reason, crypto mining has attracted the interest of a number of mining farming investors.

These investors often place their mining operations wherever there are low electricity costs they can exploit. As with Argo, they have a mega coin-mining operation in a data centre located in Quebec, Canada. For individuals, crypto mining is usually too expensive given that they need to trade on substantial hardware, plus the mining’s electricity costs.

Argo helps individuals get past this difficulty by allowing any interested in mining crypto to enter the market through a subscription on their website or smartphone app. As of present, the company offers packages for mining subscription for cryptocurrencies including BTC Gold, ZCash, ETH, and ETH Classic. They are available for a monthly subscription with a price of 8 GBP.