The UK-based crypto mining company, Argo Mining, has raised £25 million through an IPO in the London Stock Exchange (LSE). The company which provides accessible crypto mining via its subscription service is one of the first crypto companies to be listed on the LSE.
According to a company document, Argo kicked off on the exchange with around 156 million shares that accounted for 53.2 percent of its issued shared capital. Giving the business a total market valuation of £47 million pounds, the shares were priced at 16 pence.
Executive chairman, Jonathan Bixby mentioned in the document that Argo’s entry in the London main market is a major step towards the company’s development. He further stated that it would also position them strongly to execute their long-term growth strategy. He was quite thrilled with the positive response from investors and said this will enable the company to grow its business in multiple jurisdictions.
Argo won approval in May from the UK Listing Authority to be listed on the LSE. It subsequently released its crypto mining subscription service in June. The company offers its customers three packages that are differentiated by the capacity of the mining power provided. At present, ETH, ZEC, BTG, and ETC are supported.
At the time of its release, Bixby told the Financial Times that the company wants to be “the Amazon Web Services of crypto”. Around 90 percent of crypto mining is done by elites on an industrial scale as it is technically quite challenging to do so. A lot of other mining companies in the cryptocurrency space are also considering IPOs, as reported in the CoinDesk report.
Market leader Bitmain is also rumored to be conducting a pre-IPO funding round and will probably go public soon, according to reports. Ebang Communication and Cannan Creative have both filed IPO applications with the Hong Kong Stock Exchange. These two are China-based mining hardware makers.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]