A mining company known as Argo Blockchain reportedly raised $32 million on the LSE. The company’s shares are sold out even though its platform began operation barely two months ago. Argo Blockchain is a crypto mining company that was founded late last year.
At the moment, the company has sold about 156,250,000 shares and each share was sold for 16 pence. That accounts for more than half of the mining company’s capital that totals $32 million. Now that the mining company is listed on the London Stock Exchange (LSE), its total baseline valuation is at $61 million.
Legitimacy of Crypto-based businesses
LSE is an established bourse that reportedly has a market cap of over four and a half trillion dollars. Argo blockchain was officially approved by the UK Listing Authority about three months ago. The company reportedly released its cryptocurrency mining subscription service the following month. Argo’s listing on the exchange in a way strengthens the legitimacy of crypto-based businesses.
Sources report that registered shareholders of the company include Henderson Global Investors , Miton Capital and Jupiter Asset Management. Those shareholders played active roles in securing the $32 million Argo Blockchain raised.
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While addressing The Telegraph, co-founder of Argo, Jonathan Bixby spoke on the company’s intentions. According to him, the company intends “to take the pain and heartache out of participating in the biggest new technology breakthrough since the launch of the internet.” In addition, the company also hopes to capture market share by helping crypto curious mine.
— Argo (@ArgoMining) August 3, 2018
About Argo Blockchain
The company aims to establish an international data management business that helps in crypto mining as a service (MaaS). According to Argo’s LSE document, the service would be available to people all around the world. Its website highlights that Argo “makes it easy to mine bitcoin gold, Ethereum and other altcoins from home.” Thus, the miner proper will lend space to its mining rigs for a month fee.
Argo’s platform has been in existence barely for two months but its subscriptions are sold out already. Reports show that a lot of other crypto mining companies are also planning to hold IPOs. For instance, Bitmain is allegedly having a pre-IPO funding round at the moment and is also considering going public.
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Image Source: London Stock Exchange