An increasing number of cryptocurrency-focused companies are going public as the total market cap of the industry continues to grow
London Stock Exchange-listed crypto mining company Argo Blockchain launched its initial public offering (IPO) in the United States. The company's shares are now available to investors in the United States via the Nasdaq stock exchange.
The crypto mining company announced that it had issued 7,500,000 American Depositary Shares (ADSs) on the Nasdaq Global Market under the symbol ARBK. At the time of launch, Argo Blockchain's ADS was trading at $18.40 per share.
Argo Blockchain added that its shares are available on the London Stock Exchange Main Market under the symbol "ARB". They are also available on the OTCQX Best Market, with the symbol "ARBKF". The company pointed out that the actual offering price for the shares would be determined between itself and the underwriters at the time of pricing. The price may be lower than the current market value of its ordinary shares on the London Stock Exchange.
Argo added that each ADS would stand for 10 of its ordinary shares. A successful IPO could raise over $120 million for the company. Argo is one of the leading crypto mining companies in the world, with a market cap of roughly $745 million.
The company said it has been looking at the possibility of listing in the United States since July. Argo is now developing a mining facility in Texas as it looks to expand its operations. The mining facility has a power capacity of 200 megawatts (MW).
An increasing number of crypto companies are going public while others are contemplating it. Leading crypto exchanges, including Binance, Kraken and Blockchain.com, are all considering the possibility of going public over the next few years. Circle, the issuer of the USDC stablecoin, is also working on its IPO, which could take place soon.
Coinbase is one of the largest crypto exchanges in the world, and it went public in April. It has had a mixed start to the stock market, but analysts believe the company will play a crucial role in the development of the broader cryptocurrency space.