Argo Blockchain PLC Raised $32mil on the London Stock Exchange
Idealistic startup Argo Blockchain PLC, a mining firm, is the first cryptocurrency-related company to sit on the prestigious London Stock Exchange. In only its initial trading day, Argo raised $32 million, earning a $61 million valuation in the process.
Argo Blockchain PLC Rakes In $32 Million on the LSE
At 16 pence per share, 156,250,000 shares sold, slightly over half of Argo’s capital has been booked, totaling $32 million, and which means the startup has a baseline valuation of $61 million now that it is listed on the London Stock Exchange (LSE).
LSE has roots going back nearly half a millennium, and can currently boast of a market cap north of four and a half trillion dollars. Authorized shareholders such as Jupiter Asset Management, Henderson Global Investors, and Miton Capital helped secure that $32 million right out of the gate. Listing Argo provides crypto-related businesses a huge boost of legitimacy, and especially if all goes well.
Jonathan Bixby, cofounder of Argo, told The Telegraph how his firm intends to “take the pain and heartache out of taking part in the biggest new technology breakthrough since the launch of the internet.” It hopes to capture market share through helping the crypto curious mine, also known as Mining as a Service, MaaS. Founded in late 2017, Argo aims to build a global data center management business for assisting in crypto mining as a service (MaaS), which would be available to anyone in the globe, the company’s LSE document states. The company’s platform itself has only been around a little over 8 weeks, however subscriptions are sold out.
Early Days for Cryptoshpere Literacy
By May of this year, the company was without profits, and yet established its sights on becoming the 1st crypto-related firm to have a seat at the London Stock Exchange. For legacy finance, and most of the known world, it’s start for cryptocurrency literacy, and if the average person is even alert to mining, they’d probably not know about mining services. The United Kingdom Listing Authority approved Argo, essentially a cloud mining pool idea familiar to enthusiasts.
The difference here’s emphasis on substitute coin mining, those apart from bitcoin core (BTC) and bitcoin cash (BCH). For a monthly fee, the miner proper will lend space to its mining rigs. Argo “makes it simple to mine bitcoin gold, ethereum and other altcoins from home,” according to its website.
Canadian founder of Argo, Jonathan Bixby, explained to the Financial Times, “More than 90 per cent of crypto-mining is done by elites on industrial scale because it is technically very difficult to do. It is incredibly expensive to buy, up front, the hardware you need at $5,000 a machine. We want to be the Amazon Web Services of crypto.”
Argo’s business plan demands $25/mo for access to computing power targeted at mining zcash, ethereum classic, ethereum, and bitcoin gold – all without coin custody plans or the traditional mining pool notion, limiting clients to one contract from its center in Quebec. Now 3 years into its run, Genesis offers two million clients, who routinely pay hundreds of dollars to as much as four thousand dollars for multi-year contracts. The bulk of its business model seems to come from success stories such as Iceland’s Genesis Mining. They have a half year waiting list.