Argo Blockchain Starts Sale of US Shares

Argo Blockchain, the only crypto miner listed on the London Stock Exchange, said it has started selling American depositary shares for trading on the Nasdaq Global Market.

• The company is offering 7.5 million ADSs, each representing 10 shares of the company’s common stock.
• In its prospectus filed with the SEC on Sept. 14, Argo said it was assuming an initial offering price of $18.40 per ADS based on its last reported sale price of ordinary shares on the London Stock Exchange on Sept. 10. But it said the actual IPO price would be be determined by the company and its underwriters at the time of pricing.
• Argo shares rose as much as 9.5% in early London trading to £1.43 ($1.98).
• The London-based company announced the sale last month, and has applied for the ADSs to trade under the ticker “ARBK.”
• In March, Argo acquired the New York firm DPN LLC, bringing it ownership of a chunk of land in West Texas for the construction of a new cryptocurrency mining facility, and it has been raising funds in recent months.
• In June, it secured a £14 million (US$19 million) loan from Galaxy Digital, which last week lent it another £18 million (US$25 million).

See also: Argo Blockchain First-Half Revenue Surges on Bitcoin Production, Price

UPDATE (Sept. 15, 12:28 UTC): Updated with information about the initial offering price in the second bullet point.