Crypto Mining Firm Argo Blockchain Launches IPO on Nasdaq

Sahaj  |  Sep 14, 2021

Argo Blockchain, the crypto mining firm listed on the London Stock Exchange, has recently launched an Initial Public Offering (IPO) in the United States. As per the announcement, the crypto firm has floated 7,500,000 American Depositary Shares (ADSs), equivalent to 75,000,000 ordinary shares, on the NASDAQ Global Market under the ticker symbol ARBK.

Crypto Mining Firm Argo Blockchain Launches IPO on Nasdaq

Argo Blockchain, the company that is standing at a market capitalization of £537 Million at present, has been exploring the possibility of a US listing since the month of July.

The crypto mining firm has been working on a mining facility in Texas with a power capacity of 200 megawatts (MW). 

In addition to this, it should be noted that the firm made an announcement on September 10, regarding its entry into a loan agreement of around $25 million with Galaxy Digital.

The firm has made an entry by utilizing some of the Bitcoin that the company mined as collateral to build out the West Texas facility. 

Also, the new loan was rolled into an existing £14 million facility bringing the outstanding principal of Argo Blockchain to $45 million.

The Boatman Capital Research Report

Back in the month of August, a report from the Boatman Capital Research raised questions about whether Argo had paid more than required for the land that it acquired for the Texas facility by up to 100 times. 

However, the CEO of Argo Blockchain, Peter Wall, defended the dealing in a video posted on Twitter. He addressed the situation positively and said that they are not eyeing just the land but are considering it as an acquisition of a project. He said:

“We feel like it was a good deal for the project in Texas because it wasn’t just a land acquisition, it was a project acquisition.”

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