London-listed Argo Blockchain files for $75M US IPO
Argo Blockchain PLC (LSE: ARB), a London-listed BTC block reward miner has filed for a secondary listing in the United States. The company plans to list its American Depository Shares on the Nasdaq Global Market and will channel a chunk of the funds raised to diversify its products.
The company announced that it had filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to list its shares on Nasdaq. However, “the number of ordinary shares to be represented by each ADS, the number of ADSs to be offered and the price range for the proposed offering have not yet been determined.”
Argo will list on the American bourse under the symbol “ARBK,” with Barclays and Jefferies Group acting as the joint book runners.
As CoinGeek reported a month ago, Argo has been exploring the secondary listing. As it revealed at the time, the company is seeking to take advantage of the chaos in China to increase its market share. With the Chinese government booting out block reward miners from the country that once hosted close to three-quarters of the industry, it’s been anyone’s game in recent weeks.
American miners have especially stepped up their game and some states are even creating regulations that make them attractive as a destination for the ‘homeless’ Chinese miners.
“Argo has capitalized on these exchanges, continuing to deliver strong revenue at an impressive margin,” CEO Peter Wall said during a recent strategic update.
Argo mines BTC and as such, it’s almost fully reliant on block rewards, even as BSV enterprise blockchain’s massive blocks have proven that it’s more prudent to rely on transaction fees. In fact, BSV is already the world’s largest public blockchain by all major utility metrics such as data storage and daily transaction volume, scaling ability and average block size; whereas BTC is still stuck on small blocks that keep the network slow, fees high and in general unusable for anything else other than speculation.
As at the end of June, the British company held 1268 BTC, worth $61 million at press time.
Argo’s filing comes just days after Iris Energy Pty, an Australian miner, revealed it had taken a similar step. The company was founded in 2018 and since then, it has raised about $130 million.
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