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Argo Blockchain is considering a secondary offering on the Nasdaq after being the first blockchain company to be listed on the London Stock Exchange.
Argo Blockchain, a publicly listed blockchain technology firm specialising in bitcoin mining, is considering a secondary offering on the Nasdaq exchange.
On Tuesday, the company announced that it is now exploring the possibility of a secondary listing on the Nasdaq as part of its operational and strategic update for June 2021.
Argo Blockchain stated that it has not yet made a decision on the timing of the secondary listing, and that “there is no guarantee that the listing will be finalised,” and that “any proposed listing is subject to market and other conditions, and there can be no assurance as to whether or when the proposed listing may be completed.”
Argo Blockchain stated in the most recent update that the business mined a total of 167 Bitcoin (BTC), with a mining income of 4.4 million British pounds ($6 million) and a mining profit rate of 78 percent. According to the release, Argo Blockchain’s total mining income to far is 883 BTC, with the business expecting to hold 1,286 BTC or an equal amount by the end of the month.
In June, Argo Blockchain CEO Peter Wall stated that the crypto sector was seeing “big changes,” alluding to a substantial decrease in total worldwide hash rate and mining difficulty as a result of China’s ban on crypto mining. “Argo has capitalised on these changes, delivering strong revenue at an impressive margin,” the company said.
As previously reported, Argo Blockchain became the first crypto-mining company listed on the London Stock Exchange in 2018, placing over 156 million ordinary shares at 16 British pence ($0.22) per share. The stock has significantly surged since listing, reaching an all-time high above 2.80 pounds ($3.90) this February, according to data from TradingView.
At the time of writing, the ARB stock is trading at 1.25 pounds ($1.70), down around 2% over the past 24 hours.