Argo Blockchain raises $112.5 million in US stock offering
Argo Blockchain, the only U.K. listed cryptocurrency miner, said it raised $112.5 million in a stock offering in the United States.
The London-based company is selling 7.5 million American depositary shares, each equivalent to 10 of its U.K.-traded shares.
The firm stated in a statement on Thursday that the U.S. shares are priced at $15 apiece. Argo projected an initial offering price of $18.40 in its prospectus filed with the US Securities and Exchange Commission on Sept. 14, based on the value of its London-traded shares at the time.
The shares are expected to begin trading today on the Nasdaq Global Market under the symbol “ARBK.” The business has been gathering cash in recent months and has landed in West Texas for the building of a new bitcoin mining plant. It has borrowed £32 million ($44 million) from Galaxy Digital since June.
About Company
London, the United Kingdom-based Argo was established to mine Bitcoin and other cryptocurrencies in North America at a low cost by relying on “mostly renewable and affordable power.”
Peter Wall, the firm’s Chief Executive Officer, has been with the company from its beginning and was previously a Partner at The Art Department.
Amplify Transformational Data Sharing ETF is among the investors who have invested at least $75 million in Argo.
In Canada and the United States, the company presently has approximately 21,000 mining equipment is owned and hosted facilities.
Through its Argo Labs subsidiary, management also plans to engage in strategic activities outside of mining to diversify income streams.
