First crypto firm IPO on London Stock Exchange raises $32.5M

posted 14 days ago
A crypto mining company has raised $32.5 million through an IPO on the London Stock Exchange. UK based Argo Mining, which provides "accessible" crypto mining via a subscription service, is the first crypto company to be listed on the LSE. Executive chairman Jonathan Bixby said "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."

The company won approval from the UK Listing Authority in May to be listed on the exchange, and subsequently released its crypto mining subscription service in June. Bixby said, around the time of the release, Argo wants to be "the Amazon Web Services of crypto." Bixby went on to say "More than 90 percent of crypto mining is done by elites on industrial scale because it is technically very difficult to do... It is incredibly expensive to buy, up front, the hardware you need at $5,000 a machine."
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