Argo Blockchain, a U.K. A crypto mining company has begun the process of filing for an IPO in the United States.
Since 2018, the company has been listed on the London Stock Exchange and is publicly traded. A confidential draught registration statement with the United States Patent and Trademark Office was filed on Tuesday.
Argo has proposed a dual-listing and initial public offering of American Depositary Shares, which is slated to take place in the third quarter of 2021, according to the Securities and Exchange Commission, or SEC.
Depending on when the SEC completes its review process as well as other market conditions, the company said the timeframe might be a factor.
Neither the number of shares scheduled to be auctioned nor the price has yet been established, according to Argo Capital Management. Up until July 6, according to an update on the company’s Twitter account, it had mined 883 Bitcoin (BTC) and had 1268 BTC in its possession at the time of the announcement.
Announcing its initial public offering (IPO) comes two weeks after the company said that it was looking into the possibility of a secondary listing of its stock, which has been traded on the London Stock Exchange since 2018.
The stock of Argo is currently trading at 111 pence sterling, according to TradingView data, having gained around 30% in the previous 24 hours.
Another recent financing from Galaxy Digital, worth $20 million, would aid in the construction of a data centre in West Texas for the cryptocurrency mining company.
A 320-acre tract of land was purchased by Argo in March, which the company intends to use for the development of a 200-megawatt crypto mining operation.
Among the reasons given for the shift by the company include low-cost renewable energy as well as the state’s willingness to embrace technological innovation.