Cryptocurrency mining company Argo Blockchain (ARB) is to list on the US Nasdaq market, the company confirmed today. Argo said it had filed a registration statement with the United States Securities and Exchange Commission relating to a proposed initial public offering of American Depositary Shares, or ADRs, in the US.
‘The number of ordinary shares to be represented by each ADS, the number of ADSs to be offered and the price range for the proposed offering have not yet been determined,’ the company said.
The news sent the stock 5% higher to 125.9p, valuing the businesses at more than £500 million.
Founded in 2017, Argo booked £31.1 million in revenue in the half year to 30 June 2021. The company recorded £10.7 million pre-tax profit during the period.
Argo claims to be a leading blockchain technology company focused on large-scale mining of bitcoin and other cryptocurrencies. The company mines using purpose-built computers to solve complex cryptographic algorithms in the blockchain in exchange for rewards and fees denominated in the native token of that blockchain network.
Its mining strategy is to cost-effectively acquire the latest generation mining machines and install them in its US and Canadian bases where it can use largely renewable and inexpensive power. Argo has a fleet of more than 21,000 machines and can generate more than 1,075 petahash per second. The company operates its mining machines from two facilities that it owns in Canada and four hosted facilities in the US.
It plans to list on the Nasdaq under the symbol ARBK. Jefferies and Barclays are the joint bookrunners on the deal. No pricing terms were disclosed.