BTC Wires

Crypto Mining Firm Argo Becomes First of Its Kind to Be Listed on the LSE

BTC Wires: According to reports by The Telegraph, Argo Blockchain PLC, a mining firm, has become the first crypto-related firm to be listed on the London Stock Exchange (LSE) and has managed to raise about $32 million of its total valuation pegged at $61 million. Argo is based in London itself and allows users to mine four main digital currencies, namely, Bitcoin Gold (BTG), Ethereum (ETH), ZCash and Ethereum Classic (ETC). Customers can pay a monthly subscription fee and engage in mining through their own PCs or mobile devices such as a smartphone or tablet. Subscribers can use the mining rigs owned by the company and coins mined are deposited promptly in their digital wallets.

LSE has declared through an initial admission document that 532% of Argo’s share capital has been pegged at 16 pence a share and these add up to a total of 156250000 shares, thus putting Argo at a market valuation of £47 million. According to the same report, Argo has raised £25 million with Miton capital, Jupiter Asset Management etc, all of them being registered shareholders.

Argo co-founder Jonathan Bixby has stated that the main aim of developing this platform as a system of mining subscription was to make it possible for more and more people to take part in cryptocurrency mining, the novelty and revolution of the times, without having to expend “pain and heartache”.

The UK Listing Authority approved its prospective listing in May 2018 and went on to see a strong and welcoming response from the investors. Bixby sounded excited about the response as he remarked that the entry into London’s key market was instrumental to its overall growth strategy.

Argo was established in the later part of last year and it hopes to establish an international data center management wing to aid with crypto-mining as a service (MaaS). Launched in mid-June this year, it has already sold all its subscription packages and according to its initial admission note, it plans to add and take away digital currencies from its list of offerings in the coming days.

It’s rumoured that another firm working in the field of crypto mining, Bitmain is planning to come up with its overseas IPO in the near future, having earned a profit of $1 billion already in Q1 of 2018.