Cryptocurrency mining firm Argo Blockchain PLC has become the first crypto company listed on the London Stock Exchange (LSE) to hold a successful initial public offering (IPO).
The Telegraph reported on August 3 that Argo raised around $32 million from various investors, including Miton Capital, Henderson Global Investors, and Jupiter Asset Management.
Argo floated 156,250,000 ordinary shares valued at 0.16 GBP each accounting for 53.2% of its issued share capital.The IPO raised 25 million GBP ($32.5 million), increasing the company’s total market valuation to 47 million GBP ($61.1 million).
London-based Argo enables monthly subscribers to mine Bitcoin Gold (BTG), Ethereum (ETH), Ethereum Classic (ETC), and Zcash (ZEC) using their own computers or mobile devices. Subscribers receive immediate access to some of Argo’s substantial mining resources, which are being operated out of a data center in Quebec.
Sine the platform’s launch last June, all Argo’s crypto mining as a service (MaaS) subscription packages have sold out. Argo notes that the company reserves the right to add and remove cryptocurrencies from its service in the future.
Argo beat its own expectations for its IPO and valuation. Back in June, the company announced that it expected to raise £20 million ($26.7 million) and achieve a valuation of around £40 million ($53.4 million).