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Finance

Argo Blockchain Raises $112.5M in US Share Sale

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

By Sheldon Reback
AccessTimeIconSep 23, 2021 at 3:14 p.m. UTC
Updated May 11, 2023 at 5:45 p.m. UTC
Bitcoin mining machines (Michal Bednarek/Shutterstock)
Bitcoin mining machines (Michal Bednarek/Shutterstock)

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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    • See also: Argo Blockchain First-Half Revenue Surges on Bitcoin Production, Price

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Sheldon Reback
    Sheldon Reback

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

    Follow @sheldonreback on Twitter