First Crypto Firm IPO Gets $32.5 M on London Stock Exchange
Through an IPO, a crypto mining company was successful in raising $32.5 million on the London Stock Exchange. It is none other than the U.K.-based Argo Mining (ticker: ARB), which basically provides “accessible” crypto mining through a subscription-based service.
First Crypto Company On LSE
Apparently, Argo Mining is the first cryptocurrency company to be listed on the London Stock Exchange. It was able to raise more than $6.5 million more than its first goal of $26 million through the IPO. The company started on the exchange with around 156 million shares, which account for about 53.2 percent of its issued shared capital. The figures, according to official reports, are detailed via a company document. Shares, in particular, were priced at 16 pence, giving the company a total market evaluation of about $61.2 million.
According to Jonathan Bixby, the company’s very own executive chairman, Argo’s inclusion to the London main market is nothing but a “major step” towards development. He added that this move will enable them to gain “a strong position” which will allow them to execute “long-term growth strategy.” Bixby also said that the success is thanks to the “strong response” from their investors. This response enabled them to grow the company in “multiple jurisdictions.”
The Winning Approval
Thanks to the approval of the UK Listing Authority in May, Argo Mining gained a spot on the exchange. Subsequently, this approval enabled its own crypto mining subscription to be a reality in June.
Argo basically offers consumers a total of three packages, all of which are differentiated by the capacity of the mining power being provided. As of this writing, it supports the likes of BTG, ETH, ETC, and ZEC. The only catch, however, is that these packages are currently sold out.
Bixby, in an interview, said that Argo would want to be “the Amazon Web Services of crypto.” The description was made during the release of the aforementioned subscription service. Bixby revealed that there is more than 90 percent of digital assets mining made by elites on an industrial scale. This is possible simply because it is “technically very difficult” to achieve.
It holds true, though. That is because a single machine, when bough upfront, can cost around $5,000. It is worth noting that there are other mining companies that are heavily considering IPOs. Perhaps Argo’s success is a driving factor, so to speak.