Argo Blockchain, a UK-based digital coin mining company has turned out to be the first company to be listed on the London Stock Exchange.
Recently, the company finished an Initial Public Offering (IPO), placing 156,250,000 ordinary shares resulting in $53.2% of its released share capital valued at 0.1 GBP. The IPO made 25 million GBP ($32.5 million), adding to the company’s overall market valuation to 47 million GBP ($61.1 million).
Responding to the successful listing, Argo Blockchain Executive Chairman Jonathan Bixby stated:
“Argo’s admission to the London main market is a major step in the company’s development and will put us in a strong position to execute our long-term growth strategy. We are delighted with the strong response from investors which will enable us to grow our business in multiple jurisdictions.”
Miton Capital, Henderson Global Investors, and Jupiter Asset Management are listed on the firm’s shareholder registers and its founders Jonathan Bixby and Mike Edwards own 13 percent of the shares.
The firm got approval from the UK Listing Authority back in May to list on the LSE and launched its digital coin mining subscription service in June. Profits made from the listing will be used to drive the company’s increase.
Bixby explained that Argo remains to eliminate all operational stress and challenges from ordinary people who intend to enter the crypto mining market, allowing them to take part financially in what some have referred to as the “fifth industrial revolution.”
Given that mining is vital to the successful operation of bitcoin and other cryptocurrencies, it has caught the attention of various mining farm investors who mention their mining operations wherever they can take advantage of low electricity costs.
Argo operates a mega coin-mining operation out of a data center in Quebec and Canada. Trading on the substantial hardware and electricity cost implications of crypto mining, which are usually too costly for individuals to embark on, Argo offers a platform for such individual interested in mining to get into the market through a subscription on the website or smartphone app.
Presently, the company provides mining subscription packages for four cryptocurrencies such as BTC Gold, ETH, ETH Classic, and Zcash for a monthly subscription of 8 GBP.