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Since 2018, the company has been listed on the London Stock Exchange.
Argo Blockchain, a publicly traded cryptocurrency mining firm based in the United Kingdom, has started the process of filing for an initial public offering in the United States.
According to a confidential draft registration statement filed Tuesday with the U.S. Securities and Exchange Commission, or SEC, Argo has proposed a dual-listing and initial public offering of American Depositary Shares, expected to occur in the third quarter of 2021. The timing could be affected by the SEC’s review process as well as market conditions, according to the business.
The amount of shares expected to be offered, as well as the price, have still to be finalised, according to Argo. According to a tweet from the company, it mined 883 Bitcoin (BTC) between July 6 and June 30, and had 1268 BTC on hand by June 30.
The IPO news comes two weeks after the company announced it will be looking into a secondary Nasdaq listing after being listed on the London Stock Exchange since 2018. Argo’s ARB stock is currently trading at 111 pence sterling, up about 30% in the previous 24 hours, according to TradingView data.
Galaxy Digital recently gave the crypto mining company a $20 million loan to help with the construction of a data centre in West Texas. Argo said in March that it had purchased a 320-acre tract of land on which it planned to build a 200-megawatt crypto mining plant. The firm has cited Texas’ cheap renewable energy as well as its openness to innovation in new technologies as part of the reason for the move.