Mining-As-A-Service Company Argo Raises £25M After Listing on London Stock Exchange

Markets 1 min, 48 sec READ

by Nick Tsakanikas

Argo Blockchain PLC raised £25 million upon its listing on the LSE, which will help expand the capacity of its subscription-based mining service.

Argo Blockchain PLC, a provider of crypto mining services, has become the first blockchain company to be listed on the London Stock Exchange (LSE).

According to the official LSE announcement, 156,250,000 ordinary shares listed under the LON:ARB symbol and representing 53.2% of Argo's share capital have been placed on the market at 16 pence per share. Upon announcing the upcoming listing, Argo managed to raise £25 million by attracting significant institutional investments from groups such as Miton Capital, Henderson Global Investors, and Jupiter Asset Management. All told, the listing raised the value of Argo to a market capitalization of £47 million.

Argo’s Executive Chairman, Jonathan Bixby said,

Argo's admission to the London main market is a major step in the Company's development and will put us in a strong position to execute our long-term growth strategy. We are delighted with the strong response from investors which will enable us to grow our business in multiple jurisdictions.

Mining-as-a-Service is a Hot Market

Argo is a subscription-based mining service which provides users the ability to mine Ethereum (ETH), Bitcoin Gold (BTG), Ethereum Classic (ETC), or Zcash (ZEC) from their computers and mobiles, in exchange for a monthly fee. Argo went live on June 11 with the aim of making mining available to everyone by renting out its computational resources. The company has already reached its maximum capacity with 400 registered customers, while 50,000 more applicants are on a waiting list to use its platform. Argo is headquartered in London but has installed its mining rigs in Quebec, Canada to take advantage of cheap local hydropower.

Argo’s representatives are confident that there is a high interest in crypto mining services as it allows users to sidestep the upfront investments required to procure and maintain dedicated hardware. The funds raised on the LSE listing will be used to expand Argo's hardware capabilities, as well as to cover its marketing and electricity expenses. Since Argo’s initial listing on Friday, all four cryptocurrencies available on the Argo platform have seen gains.