Argo Blockchain Raises $112.5M in US Share Sale

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

Sep 23, 2021 at 3:14 p.m. UTC
Updated Sep 23, 2021 at 10:42 p.m. UTC

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 is a CoinDesk news editor based in London.