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British Bitcoin miner Argo Blockchain Plc is gearing up to list its IPO on the Nasdaq Global Select Market at the price of $15 per share.
Bitcoin Mining Firm Argo Blockchain Reveals IPO Pricing for Nasdaq
Argo Blockchain, a crypto mining firm registered on the London Stock Exchange, announced the pricing for its initial public offering (IPO) in the US on Wednesday.
The firm stated that its 7,500,000 American Depositary Shares ("ADSs") will be sold for the price of $15.00 per ADS.
The IPO, which will trade under the ticker ARBK from September 23, will be available to investors through the RobinHood IPO access portal.
According to a September 22 release, the IPO sale is being managed by banking heavyweights Barclays and Jeffries. The institutions are acting as the offering’s main book-running managers, while Canaccord Genuity and Stifel GMP are acting as co-lead managers. Compass Point, D.A. Davidson & Co., Ladenburg Thalmann, Roth Capital Partners, finnCap Ltd, and Tennyson Securities are serving as the IPO’s co-managers.
As a crypto mining business, Argo made £5.6 million in July and £6.8 million in August. It also claims to hold 1,659 Bitcoin and Bitcoin equivalents worth £56,898,756 million as of August 31.
Upcoming Projects and Controversies
Like many crypto mining businesses, Argo is expanding its operations in North America.
Earlier this month, the company entered into a financial arrangement with Galaxy Digital to develop a 200 watt Bitcoin mining facility in Texas. The resulting complex will provide an additional boost to Argo’s existing facilities which have a total of 21,000 mining rigs that can generate over 1,075 petahash per second.
That said, the deal has been criticized by industry experts who believe Argo had overpaid up to 10 times while purchasing the property for the Texas plant. Meanwhile, Argo’s CEO Peter Wall justified the expenses on social media.