Crypto Firm Argo Blockchain Prices US$112.5 Million IPO

Cryptocurrency mining company Argo Blockchain Plc (Nasdaq: ARBK) started trading on the Nasdaq Global Select Market. The London-based firm aims to raise approximately US$112.5 million in its debut on the US big board.

The offering consisted of 7.5 million American depositary shares at US$15.00 per ADS, which represents 10 ordinary company shares. The ADSs will be trading on the Nasdaq exchange under the symbol “ARBK”.

Jefferies and Barclays are acting as the lead bookrunners for the said offering, with Canaccord Genuity and Stifel GMP acting as co-lead managers. The underwriters were given a 30-day over-allotment option to purchase up to an additional 1.125 million ADSs at the same IPO price.

The blockchain firm claims to be the “only cryptocurrency mining company listed on the London Stock Exchange” where it launched its first IPO in August 2018, few months after the company was founded. The company is currently led by Canadian video journalist Peter Wall as its CEO.

While based in Europe, the company mines from its facilities in North America. According to its website, it currently operates at 1,075 PH/s with 45MW active mining power.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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