Crypto Firm Argo Mining became the first cryptocurrency-related company to be listed on the London Stock Exchange. Argo Mining has been launched on the exchange with around 156 million shares that are totaling at 53,2% of its issued shared capital.
6 August, AtoZ Markets – One of the cryptocurrency mining companies has carried out a successful IPO on the London Stock Exchange (LSE). The company has managed to raise around $32.5 million in the process of the IPO.
Crypto Firm Argo Mining Now Listed on the London Stock Exchange
Argo Mining is focusing its efforts on providing “accessible” cryptocurrency mining through a subscription service. It became the first cryptocurrency company to be listed on the LSE. Argo Mining has been launched on the exchange with around 156 million shares that are totaling at 53,2% of its issued shared capital.
The published document concerning the listing notes that shares of Argo Mining were priced at 16 pence. This implies that the company enjoys a total market valuation of around $61.2 million. Jonathan Bixby, the executive chairman of Argo Mining, has stated in the document:
“Argo’s admission to the London main market is a major step in the company’s development and will put us in a strong position to execute our long-term growth strategy. We are delighted with the strong response from investors which will enable us to grow our business in multiple jurisdictions.”
“Amazon Web Services of crypto”
The company has reportedly won the approval from the UK Listing Authority back in May, which empowered it to be able to be listed on the exchange. Argo Mining has released its cryptocurrency mining subscription service earlier this summer. As per the website of the company, Argo provides the opportunity to use three different packages that vary by the capacity of the mining power provided. As of the moment, Argo Mining is supporting BTG, ETH, ZEC, and ETC.
Bixby has also stated that Argo wants to become “the Amazon Web Services of crypto.” He was quoted as saying:
“More than 90 percent of crypto mining is done by elites on an industrial scale because it is technically very difficult to do. It is incredibly expensive to buy, up front, the hardware you need at $5,000 a machine.”
In the meantime, some of the other mining companies are eyeing the IPO opportunity.
Think we missed something? Let us know in the comments section below.