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UK-based Crypto mining Entity Argo Blockchain Submitted Application For US IPO

By Emily Rys | July 22, 2021
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Argo Blockchain – a publicly-traded establishment based in the UK, dealing primarily in crypto mining – has reportedly initiated the application process for a US-based IPO. 

Specifically, as revealed via a confidential draft registration statement submitted on July 20th with the US SEC, Argo has put up a proposal for a dual-listing and initial public offering of American Depositary Shares, slated to happen in Q3 of the year. 

The firm reportedly revealed that the timeline will be dependent on the SEC finalizing its review process, as well as other different conditions across the market. 

Argo additionally revealed that the number of shares that will be rolled out, together with the price, are yet to be finalized. As per an update via the Twitter page of the firm, a total number of 883 Bitcoin (BTC) has successfully been mined until July 6, with 1268 BTC currently in possession by June 30th. 

The IPO announcement reportedly surfaced a fortnight after Argo initially disclosed its plan for looking into possible secondary listing on the Nasdaq, as it has completed the listing on the London Stock Exchange since 2018​​. 

Per data generated by TradingView, Argo’s ARB stock is now trading at 111 pence sterling, witnessing a surge of approximately 30% within the past 24 hours. 

The crypto mining entity was reportedly also at the receiving end of a $20 million loan from Galaxy Digital, to help with establishing a data facility situated in West Texas. Argo disclosed in March that it has completed the acquisition of a 320-acre plot of land, dedicated to the construction of a 200-megawatt crypto mining center.

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