Argo blockchain, the only London listed crypto mining company, is planning to sell shares on the US-based Nasdaq exchange.
In a filing made to the US Securities and Exchange Commission, the company today confirmed its intention to list American Depositary Shares (ADS) on the Nasdaq exchange.
According to the filing, Jeffries and Barclays will be joint book-managers for the proposed offering. The shares will appear under the ticker “ARBK”, but the “number of ADSs to be offered and the price range for the proposed offering have not yet been determined.”
The news follows a strong performance by Argo in the first half of 2021. Revenues reached £31.1m, an increase of 180 per cent compared to the same period last year, while EBITDA jumped by 332 per cent to £16.0m.
With revenues on the rise, the company, which is one of the largest and most efficient mining operations to be powered by green energy, is in a period of rapid growth. In the first six months of the year, Argo increased mining capacity from 685 to 1,075 petahash.
Share price has jumped by 13.52 per cent today and is up 189.21 per cent this year to date.
The upward price movement shows that Argo is making a rapid recovery from an attack by short-sellers Boatman Capital, who authored a highly critical report about the company earlier this month.