Argo blockchain has raised $32 million in its stock market debut. The cryptocurrency mining company recently completed an initial public offering (IPO) where it issued more than 156 million ordinary shares valued $0.20 per share.

On Friday, August 3, 2018, Argo Blockchain PLC became the first cryptocurrency company to be listed on the London stock exchange (LSE). The London-based mega mining enterprise debuted on the LSE under the ticker ARB. Commenting on the listing, Jonatan Bixby, the executive chairman of the company, said:

“Argo’s admission to the London main market is a major step in the Company’s development and will put us in a strong position to execute our long-term growth strategy. We are delighted with the strong response from investors which will enable us to grow our business in multiple jurisdictions.”

Based on the initial admission document published by the LSE on Friday, Argo issued 156,250,000 ordinary shares. With each stock valued at $0.20, the company raised $32 million through its IPO. The over 156 million shares account for about 53 percent of the company’s issued capital. By virtue of the recently concluded IPO, Argo’s total market valuation now stands at $61.2 million.

Jonathan Bixby and Mile Edwards, founders of the company, own 13 percent of the firm’s shares while notable names like Jupiter Asset Management and Miton Capital appear on the share register. The earnings from the IPO will be used to fund the aggressive expansion mandate of the company as it aims to control a more substantial chunk of the cryptocurrency mining market.

Argo was founded in 2017 to enable more people to have easier access to the cryptocurrency mining market. The company favors a subscription-based model to mine Ethereum (ETH), Ethereum Classic (ETC), Zcash (ZEC), and Bitcoin Gold (BTG). Users pay a subscription fee and earn rewards based on the membership bouquet selected.

In May 2018, the company received approval to be listed on the LSE and began its service operations the following month. Argo has arguably been a favorite of miners as its website currently reports that its packages are completely sold out.

Companies like Bitmain and Canaan Creative, behemoths in the cryptocurrency mining field, will be looking to accelerate their listing process. Canaan has already filed to be listed on the Hong Kong Stock Exchange (HKSE) along with Ebang Communication, another company in the virtual currency mining arena.

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