LSE-listed mining company Argo Blockchain entered the Nasdaq stock exchange with 7.5 million American depositary receipts under the ticker ARBK.
7.5 million American Depositary Receipts (ADR) are equivalent to 75 million Argo Blockchain common shares. Now Argo Blockchain shares are traded at 1/33 pound sterling ($ 1/84) apiece, from entering the Nasdaq the company can receive up to $ 138 million.
At the moment, the capitalization of the mining company is estimated at $ 745 million. The successful IPO will help increase the capitalization of the Argo Blockchain and provide additional funds for the construction of a large mining center in West Texas. The mining center’s capacity will be 200 MW, and its construction began at the beginning of the year.
Recently, Argo Blockchain used some of the mined bitcoins as collateral to obtain a loan from Galaxy Digital. The loan amount was $ 20 million.
In March, Argo Blockchain, together with DMG Blockchain, announced the launch of the first sustainable Bitcoin mining pool – Terra Pool. It will only use energy generated by hydroelectric power plants.
