Argo Blockchain, a UK-based digital coin mining company became the first cryptocurrency company listed on the London Stock Exchange.
The company recently completed an initial public offering (IPO), placing 156,250,000 ordinary shares representing 53.2% of the issued share capital of GBP 0.16 each. The IPO raised GBP 25 million ($ 32.5 million), bringing the company's overall market valuation to GBP 47 million ($ 61.1 million).
"Long-Term Growth Strategy"
Commenting on the successful listing, Argo Blockchain executive president Jonathan Bixby said:
"Argo's admission into the main London market is a step important in the development of the company and will put us in a strong position to implement our long-term growth strategy.We are looking forward to the strong investor response that will allow us to expand our business across multiple jurisdictions. "
Miton Capital, Henderson Global Investors and Jupiter Asset Management are listed in the company's equity registers, and its founders Jonathan Bixby and Mike Edwards own 13% of the company.
The company has received approval from the UK Listing Authority in May to list on the LSE and has released its digital subscription service to coin mines in June. The proceeds from the list will be used to guide the expansion of the company.
Argo's great vision
According to Bixby, Argo exists to remove all operational stresses and difficulties from ordinary people who want to enter the cryptic market, allowing them to participate financially in what some have described as the "fifth" Industrial Revolution".
Because mining is so essential to the effective operation of bitcoins and other cryptocurrencies, it has attracted the attention of many mine investors who organize their mining operations wherever they can benefit from low costs of electricity.
Argo runs a huge coin-mining operation from a data center in Quebec, Canada. By working on the implicit implications on the cost of hardware and electricity of the mining crypto, which are generally too expensive for people, Argo provides a platform for those interested in mining to enter the market through a subscription to the website or smartphone app.  The company currently offers mining subscription packages for four cryptocurrencies, namely, BTC Gold, ETH, ETH Classic and ZCash for a monthly subscription of GBP 8.
Other cryptocurrency companies are considering the same route. CCN has previously reported that Bitmain, the world's most valuable cryptocurrency mining company, is considering becoming public.
One of its main competitors, Canaan Creative, is also reported in the early stages of putting together a $ 1 billion IPO in Hong Kong.
Close-up image of Shutterstock.
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