Argo Blockchain PLC, a mining company startup boasts first to be listed on the London Stock Exchange (LSE). The startup raised a staggering $32 million in its initial day of trading, bringing its valuation sum up to $61 million.
Argo began its existence in December of 2017, with the intention of creating a business that manages international data to facilitate anyone in the world in crypto Mining as a Service (MaaS). Subscriptions are already unavailable, even though the platform has only been functioning since June.
With quite a modest $0.21 per share, Argo sold 156,250,000 shares, amounting to $32 million, and after being listed on LSE the baseline valuation of Argo is now $61 million.
The co-founder and executive chairman Jonathan Bixby commented in the LSE document:
"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."
WHY IS THIS IMPORTANT?
- Argo is the first crypto-related company on the London Stock Exchange, paving the way for other crypto firms to follow.
- If the startup is successful, it could bring more investors to the still underinvested world of crypto.