Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
The public stock market listing plans by Argo Blockchain will help complement its ongoing efforts to expand to American markets.
Argo Blockchain Plc (LON: ARB), a London-listed blockchain mining and software company has unveiled its plans for listing in the United States by issuing American Depositary Shares (ADS). The firm announced on Wednesday that it has filed a draft Registration Statement on Form F-1 with the United States Securities and Exchange Commission (SEC) relating to a proposed dual-listing and initial public offering (IPO).
The broader cryptocurrency landscape is witnessing an increased regulatory pushdown, however, it is also seeing renewed interests from investors. Argo Blockchain, with its unique positioning as a Bitcoin (BTC)/cryptocurrency miner, is looking to raise more capital to finance its growth push beyond the United Kingdom.
The company said the intended listing in the US is dependent on the review and approval from the SEC, a timeline that was not revealed.
“The number of ADSs to be offered and the price range for the Proposed Offering have not yet been determined. The Proposed Offering is expected to commence in the third quarter of 2021 after the SEC completes its review process, subject to market and other conditions,” Argo Blockchain said in the official press release.
Argo blockchain ranks as one of the pioneering mining organizations in the Europe region and the first to seek a public debut on the London Stock Exchange when it conducted a successful Initial Public Offering (IPO) back in 2018.
Argo Blockchain US Listing to Bolster US Expansion Moves
The public stock market listing plans by Argo Blockchain will help complement its ongoing efforts to expand to American markets. The company per an announcement on its official Twitter handle last month announced that it has secured a $20 million loan from Galaxy Digital Holdings Ltd (TSE: GLXY) to fund the establishment of a data mining center in West Texas.
Argo is pleased to announce it has secured a £14 million ($20 million) loan agreement for a term of six months with @GalaxyDigitalHQ using a portion of the Company’s Bitcoin holding as collateral. #ARB $ARBKF
— Argo (@ArgoBlockchain) June 29, 2021
With a number of Bitcoin and crypto miners in China being squeezed out by regulators, Argo Blockchain is seeking the right positioning to tap into the prospective crypto mining market gap. Through the new facility, Argo Blockchain may be on track to benefit in providing the needed hosting space miners are in search of in the US.
Additionally, the move shows how much trust the firm has in America and the crypto market stakeholders, as the North American giant seeks to dominate in Bitcoin-related innovations.
Upsurge in Share Price
Investor interest is renewed as the firm announced the dual-listing plans in the United States, with the shares of Argo Blockchain soaring as high as 18.42% at the time of writing to 100 pence.
There has been a massive correlation between the price of Bitcoin and the Argo Blockchain’s share price performance. The stock rose from an average of 5p in 2020 to around 284p at the time when Bitcoin recorded its All-Time High (ATH). The current decline also mimics the bearish instability playing out in the market at this point in time.
The listing plans, of which there are speculations about a Nasdaq debut are yet to be finalized and may come later on in the third quarter. This milestone movement may yet impact the share price of the firm whose current valuation is about £358m.