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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.