Argo Blockchain launches Nasdaq ADS offer

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Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, FRA:0XP) is launching a Nasdaq IPO of American depositary shares (ADS) which would, at the current market price, raise around GBP100mln.


The company, in a statement, said it is to sell 7.5mln ADS in the planned IPO with each ADS comprising ten ordinary shares of Argo (priced at 131p at Monday’s close).


Jefferies and Barclays are bookrunners for the float whilst Canaccord Genuity (TSX:CF, LSE:CF) and Stifel GMP are involved as co-lead managers.


Argo earlier this month said it had become the first publicly-traded cryptocurrency miner to become climate positive from scope-one, scope-two and greenhouse gas (GHG) emissions from the value chain associated with its mining operations.


In the month of August is mined a total of 206 Bitcoins, taking its tally for the first eight months of 2021 amounted to 1,314. The company generated GBP6.83mln of cryptocurrency mining revenue in August and retained a holding of 1,659 Bitcoins at the end of the month.


Other brokers on the docket for the Nasdaq offering include Compass Point, D.A. Davidson & Co., Ladenburg Thalmann, Roth Capital Partners, finnCap Ltd, and Tennyson Securities.

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