Argo Becomes the First Crypto Company to Go Public on the London Stock Exchange | cryptozapper

Argo Becomes the First Crypto Company to Go Public on the London Stock Exchange

Argo Blockchain Plc (ARB.L), a platform that enables customers to efficiently mine Ethereum (ETH) and other altcoins from their own computer or mobile device, made history last week after becoming the first cryptocurrency-focused company to be publicly listed on the London Stock Exchange.

In its listing, Argo raised around $32 million for a total valuation of about $61 million. According to the financial filings, Argo had $10.26 million in revenue in 2017, which was a bump from the $6.38 million earned in the prior year.

In an official document accompanying the public launch, Jonathan Bixby, Executive Chairman, emphasized the importance of listing on the London exchange for the company’s long-term growth plans.

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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.

Argo went public the same week that Mike Novogratz’s cryptocurrency focused merchant bank, Galaxy Digital LP (GLXY), officially opened for trading on Canada’s TSX Venture Exchange. While GLXY suffered a 20% loss on its opening day, which led many analysts to criticize the company, the stock rebounded to finish the week at a new high, up 46% from weekly lows.

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Perhaps the most anticipated cryptocurrency-related IPO of the year is that of Bitmain, the ASIC-mining chip manufacturer. The company, which reportedly made $1.1 billion in profits in the first quarter of 2018 alone, plans to apply for an IPO in Hong Kong in September and expects a market capitalization of around $30 to $40 billion by the end of this year.

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