Argo Blockchain has announced the launch of its Initial Public Offering. This will see the company issue 7.5 million American Depositary Shares, or ADSs, which are equity shares that are denominated in U.S. dollars. Each ADS represents 75 shares of common stock of Argo Blockchain.
The Argo Blockchain IPO is expected to raise $138 million, making it a hotly anticipated offering. The upcoming IPO comes at a time when the crypto market has experienced significant volatility. As a result, bullish investors have increasingly looked to miners as leverage in their portfolios.
The company has been operating on the London Stock Exchange for a year and is now ready to launch its IPO in the U.S. Next week. Investors can access the IPO through the RobinHood IPO access platform. Argo Blockchain is a blockchain technology company focused on large-scale mining of cryptocurrencies. The company recently filed a confidential draught registration statement with the U.S. Patent and Trademark Office. This is an indication that the IPO is on the way, although it depends on the SEC review process and the market’s conditions.
Argo is not the only mining firm to look to the U.S. this year. Several other firms have also relocated their operations to Texas as a result of the recent crackdown on the cryptocurrency industry.