Idealistic startup Argo Blockchain PLC, a mining company, is the first cryptocurrency-related firm to sit on the prestigious London Stock Exchange. In only its initial trading day, Argo raised $32 million, earning a $61 million valuation in the process.
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Mining Company Argo Blockchain PLC Rakes In $32 Million on the LSE
At 16 pence per share, 156,250,000 shares sold, slightly over half of Argo’s capital has been booked, totaling $32 million, and that means the startup has a baseline valuation of $61 million now that it is listed on the London Stock Exchange (LSE).
LSE has roots going back nearly half a millennium, and can currently boast of a market cap north of four and a half trillion dollars. Listing Argo gives crypto-related businesses a huge boost of legitimacy, and especially if all goes well. Registered shareholders such as Jupiter Asset Management, Henderson Global Investors, and Miton Capital helped secure that $32 million right out of the gate.
Jonathan Bixby, cofounder of Argo, explained to The Telegraph how his company intends to “take the pain and heartache out of participating in the biggest new technology breakthrough since the launch of the internet.” It hopes to capture market share through helping the crypto curious mine, also known as Mining as a Service, MaaS.
Founded in late 2017, Argo aims to build an international data center management business for assisting in crypto mining as a service (MaaS), which would be available to anyone in the world, the company’s LSE document states. The company’s platform itself has only been around a little over two months, however subscriptions are currently sold out.
