Argo Blockchain Raises $112.5M in US Share Sale

The crypto miner is selling 7.5 million shares for $15 each.

By Sheldon Reback

Sep 23, 2021 at 3:14 p.m. UTC

Updated Sep 23, 2021 at 10:42 p.m. UTC

Bitcoin mining machines (Michal Bednarek/Shutterstock)

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Sheldon Reback

Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.

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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.

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Sheldon Reback

Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.

Follow @sheldonreback on Twitter

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Sheldon Reback

Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.

Follow @sheldonreback on Twitter