Argo Blockchain, a publicly traded UK company focused on cryptocurrency mining, has started the application process for an initial public offering in the US.
According to a confidential draft registration statement filed Tuesday with the US Securities and Exchange Commission, or SEC, Argo proposed a dual listing and initial public offering of American Depositary Shares, expected to take place in the third quarter of 2021. The company said the timing may depend on the completion of the SEC review process and other market conditions.
Argo said the expected number of shares and price had not yet been determined. According to an update on the company’s Twitter account, it mined 883 Bitcoin (BTC) as of July 6 and held 1268 BTC as of June 30.
The IPO announcement comes two weeks after the company announced it would be exploring a possible secondary listing on Nasdaq, it has been listed on the London Stock Exchange since 2018. According to data from TradingView, Argo’s ARB shares are now being listed. traded at 111 pence sterling, having risen about 30% in the last 24 hours.
The cryptocurrency mining company also recently received a $20 million loan from Galaxy Digital to help build a data center in West Texas. Argo announced in March that it had secured 320-acre land that it planned to use to build a 200-megawatt cryptocurrency mining facility. The company cited Texas’ cheap renewable energy, as well as its openness to innovation in new technologies, as part of the reason for the change.
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