Crypto mining firm Argo Blockchain eyes secondary Nasdaq listing

Crypto mining firm Argo Blockchain eyes secondary Nasdaq listing

Argo Blockchain, a publicly traded blockchain technology company focused on cryptocurrency mining, is looking at a potential secondary listing on the Nasdaq exchange.

On Tuesday, the company announced that it is now exploring the possibility of a secondary listing on the Nasdaq as part of its operational and strategic update for June 2021.

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Argo Blockchain said that the firm has not yet reached a decision on the timing of the secondary listing, noting that “There is no guarantee that the listing will be finalized,” and, “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.”

As part of the latest update, Argo Blockchain disclosed that the company mined a total of 167 Bitcoin (BTC) with a mining revenue of 4.4 million British pounds ($6 million) and a mining profit rate of 78%. According to the announcement, Argo Blockchain’s total mining revenue stands at 883 BTC year-to-date, and the company projects to hold 1,286 BTC or an equivalent amount by the end of the month.

Argo Blockchain CEO Peter Wall said that the crypto industry faced “big changes” in June, referring to a significant reduction in the total global hash rate and mining difficulty amid a crackdown on crypto mining in China. “Argo has capitalized on these changes, continuing to deliver strong revenue at an impressive margin,” the firm noted.

Related: China crypto ban a ‘huge opportunity for Canada,’ mining group head says

As previously reported, Argo Blockchain became the first crypto-mining company listed on the London Stock Exchange in 2018, placing over 156 million ordinary shares at 16 British pence ($0.22) per share. The stock has significantly surged since listing, reaching an all-time high above 2.80 pounds ($3.90) this February, according to data from TradingView.

At the time of writing, the ARB stock is trading at 1.25 pounds ($1.70), down around 2% over the past 24 hours.

Crypto mining firm Argo Blockchain eyes secondary Nasdaq listing
ARB stock chart in British pence. Source: TradingView
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