JAKARTA – Crypto mining company Argo Blockchain reportedly opened an IPO on Nasdaq recently. Argo Blockchain has also previously been listed on the London Stock Exchange. The company did offer 7.5 million American depository shares (ADS) on the Nasdaq Global Market under the symbol ARBK.
For information, American Depository Shares are equity shares for companies based overseas and listed on the United States (US) stock exchange. The amount of ADS is equivalent to 75 million common shares owned by the company.
Launching Bitcoin.com, Argo shares are currently trading at the level of 1.40 pounds or 1.94 US dollars (Rp19,921) on the London exchange after experiencing a significant increase on Tuesday morning. At current prices, Nasdaq's IPO has raised around £105 million.
In early 2021, Argo has successfully acquired DPN LLC. The move gave Argo the advantage of being able to acquire a plot of land in West Texas where the company's facilities are currently under construction. Argo has also managed to collect loan funds from Mike Novogratz's Galaxy Digital worth 32 million pounds (Rp 629 billion).
To date, Argo's market capitalization has touched £533.4 million (approximately IDR 10.5 trillion). Argo is also rumored to be listing on the US stock exchange since last July.
Argo Blockchain is not the only crypto mining company to be tempted by the US market. Last June, a number of crypto mining companies had already listed on the Nasdaq, namely Canada Hive Blockchain and Bitfarms. In addition, various crypto mining companies have also moved to Texas as a result of the closure in China that occurred a few months ago.
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