An encryption mining company raised £25 million ($32.5 million) through the IPO of the London Stock Exchange.
The UK-based Argo Mining (stock code: ARB) is the first encryption company listed on the London Stock Exchange to provide “accessible” encryption mining through subscription services. The company raised £5 million ($6.5 million) through an initial public offering, exceeding the initial target of £20 million.
According to a company filing, Argo had about 156 million shares at the start of the exchange, accounting for 53.2% of its issued share capital. The stock price is 16 pence, giving the company a total market valuation of 47 million pounds (about 61.2 million US dollars).
Executive Chairman Jonathan Bixby stated in the document: “Argo’s entry into the main market in London is an important step in the company’s development and will enable us to execute our long-term growth strategy. We are pleased with the strong reaction of investors, which will enable us to Multiple jurisdictions develop business.”
In May of this year, the company was approved by the UK Listing Authority, which will be listed on the exchange and released its encrypted mining subscription service in June. According to Argo’s website, the company offers three packages for consumers, based on the mining capabilities provided. Currently, all packages offered by Bitcoin Gold (BTG), Ethereum (ETH), Zero Coin (ZEC), etc. are sold out.
Bixby told the Financial Times at the time of its release that Argo wanted to be an “encrypted Amazon web service.”
Bixby said: “More than 90% of the encryption mining is done by industry elites, because technically, this is very difficult. Buying the required hardware for $5,000 each is very expensive. ”
Several other mining companies in the field are also considering IPOs.
As CoinDesk reported previously, it is reported that market leader Bitmain is in the process of financing before IPO and considering listing.
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