The UK based Crypto Mining firm Argo Blockchain becomes London’s first listed crypto-currency business with its entrance on the exchange, Aug 3rd, 2018. The company is supported by some heavyweight cornerstone investors for the Maas business model and raised around $32.5 million for a total valuation of about $6.1 million in the recent IPO, placing 156,250,000 ordinary shares accounting for 53.2% of its issued share capital valued at 0.16 GBP each. Founder Bixby and executive director Edwards were inspired to start Argo by the success of Netflix and Amazon Web Services.
The company’s LSE document positioned positively and mentioned: Argo, founded in late 2017 aiming to establish an international data center management firm backing crypto mining platform as a service (Maas) accessible for users worldwide.
Argo states it wants to “democratize” crypto-mining, the process by which new virtual coins are minted. It plans to do this by renting out its specialist computing capacity to individual users for a monthly fee.
Headquartered in London and data center based in Quebec, Canada running off cheap and green hydropower, it has the capacity to offer to mine at scale. But unlike publicly-owned competitors – such as Hut 8 and Hive – it is intensively focusing on home-miners.
“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.” Said Argo Blockchain Executive Chairman Jonathan Bixby.
During the running year in May, the company got approval from the UK Listing Authority to list on the LSE and in June revealed its digital coin mining subscription service. Jonathan Bixby and Mike Edwards being the founders own 13 percent of the company’s shares along with Milton Capital, Henderson Global Investors, and Jupiter Asset Management are listed on the company’s shareholder registers.