From a cryptocurrency company to an IPO – that is one very steep and difficult road for a company to walk through. However, the cryptocurrency mining company Argo Blockchain is now going to be listed on the London Stock Exchange, essentially becoming the first such company to be listed on LSE.
Argo Blockchain just completed the IPO process by listing around 157 shares outstanding which account for 53% of the total share capital of the UK-based cryptocurrency mining company. The IPO has provided $32.5 million funds for Argo and has increased its initial valuation to $61 million, according to a source from CCN.
This is a major achievement for any cryptocurrency company, as the industry is constantly facing backlash from financial institutions and governments. The sole fact that a cryptocurrency mining company is being listed on LSE represents a long-term growth strategy for the company, according to its Executive Chairman, Jonathan Bixby, who is also one of the founders. The other one is Mike Edwards and together they own around 13% of the entire firm.
The funds that are raised through the IPO will cater the growing business and expansion of Argo Blockchain. It is interesting to look at the revolutionary idea of the business, however. The founders explained that mining cryptocurrencies is essentially the “fifth industrial revolution”. What the company does is to alleviate the process of crypto mining and enable them to participate in the entire revolution of cryptocurrencies.
Argo offers crypto mining services for BTC Gold, ETH Classic, ETH and even ZCash. Instead of dealing with high electricity costs and burdensome process, users can simply subscribe on the company’s website or app and start mining. The subscription costs GBP 8.
The popularity of cryptocurrency mining is increasing, especially after research revealed the huge electricity costs that cryptocurrency mining farms incur.