Argo Blockchain, a blockchain technology company focused on large-scale crypto mining, raised $113 million by offering 7.5 million ADSs at $15, below the as-converted last close of its shares on the LSE ($21.50).
Argo states that it is a leading blockchain technology company focused on large-scale mining of Bitcoin and other cryptocurrencies. The company mines using purpose-built computers (mining machines) to solve complex cryptographic algorithms in the blockchain in exchange for rewards and fees denominated in the native token of that blockchain network. Its mining strategy is to cost-effectively acquire the latest generation mining machines and install them in North American facilities that utilize predominantly renewable and inexpensive power. Argo has a fleet of more than 21,000 machines and can generate more than 1,075 petahash per second. The company operates its mining machines from two facilities that it owns in Canada and four hosted facilities in Canada and the US.
Argo Blockchain plans to list on the Nasdaq under the symbol ARBK. Jefferies and Barclays acted as joint bookrunners on the deal.
