Public-Traded Crypto Mining Company Argo Blockchain Considering Secondary Listing on Nasdaq
UK-based major cryptocurrency mining firm, Argo Blockchain, revealed that it is looking at a potential secondary listing on Nasdaq.
Argo Explores Nasdaq Listing
The company made the announcement via Twitter on Tuesday (July 6, 2021), while giving its operational and strategic update for June 2021. According to Argo Blockchain, the firm has not decided on a definite time for the secondary listing, nor set the terms.
Argo, founded in 2017, is the first and only crypto mining company listed on the London Stock Exchange (LSE) in 2018, becoming a public-traded blockchain mining firm.
Meanwhile, the announcement stated that the potential Nasdaq listing would be based on certain conditions. According to the crypto mining company:
“Any proposed listing is subject to market and other conditions, and there can be no assurance as to whether or when the proposed listing may be completed.”
Argo’s update also revealed that 167 BTC were mined in May, which is worth approximately $5.7 million at the time of writing. The update further stated it generated £4.36 million as mining revenue ($6.04 million) at a mining margin of 78%.
Furthermore, the cryptocurrency mining company wrote that the total number of bitcoin mined year-to-date (YTD) was 883, worth $30 million. As at June 2021, Argo Blockchain 1268 bitcoin, valued at $43 million.
Argo Blockchain’s CEO, Peter Wall, noted that June saw major changes in the crypto industry, referring to the depletion in the total global hash rate and mining difficulty. According to Wall, the global has rate reduced from 150m TH/s to 90m TH/s within a month.
These events occurred as bitcoin mining machines went offline in China. Indeed, there has been a crackdown on crypto mining activities by the Chinese government. Consequently, miners across the country in areas such as Sichuan, Mongolia, Yunnan, and other places, have had to shut down operations.
Meanwhile, some mining companies have started relocating to friendlier jurisdictions. In June, a Chinese logistics firm based in Guangzhou was reportedly moving 3,000kg bitcoin mining machines to Maryland.
However, Argo’s CEO said that the company took advantage of the changes in the crypto mining sector, saying:
“Argo has capitalised on these changes, continuing to deliver strong revenue at an impressive margin.”