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Seeking Alpha 2021-08-19 17:58:11

Cryptocurrency miner Argo Blockchain files for IPO of ADSs

Argo Blockchain files for an initial public offering of American Depository share ("ADSs"), without giving a potential size for the IPO. The company focuses on large-scale mining of bitcoin (BTC-USD) and other cryptocurrencies with a fleet of more than 21,000 machines generating more than 1,075 petahash/second; ~215 petahash is located at facilities it recently acquired in Quebec and ~860 petahash is located in hosted facilities. It's also developing a facility in western Texas. The company has applied to list its ADSs on Nasdaq under the symbol "ARBK". Its ordinary shares trade on the London Stock Exchange Main Market under the symbol "ARB". For the six months ended June 30, 2021, Argo Blockchain had $42.9M in total revenue, up from $11.1M in the same period as 2020. H1 operating income of $15.3M rose from $650K in the year-ago period. As of June 30, 2021, Argo's facilities owned in Canada represent a combined

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