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Argo Blockchain Raises $112.5M in US Share Sale
The crypto miner is selling 7.5 million shares for $15 each.
Argo Blockchain, the only U.K.-listed cryptocurrency miner, said it raised $112.5 million in a U.S. share sale.
- The London-based company is selling 7.5 million American depositary shares, each equivalent to 10 of its U.K.-traded shares.
- The U.S. shares are priced at $15 each, the company said in a statement Thursday. In its prospectus filed with the U.S. Securities and Exchange Commission on Sept. 14, Argo said it expected an initial offering price of $18.40, based on the value of its London-traded shares at the time.
- The shares are due to start trading today on the Nasdaq Global Market and will be listed under the ticker “ARBK.”
- The company owns land in West Texas for the construction of a new cryptocurrency mining facility and has been raising funds in recent months. Since June, it has borrowed £32 million ($44 million) from Galaxy Digital.
See also: Argo Blockchain First-Half Revenue Surges on Bitcoin Production, Price
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Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
