Stock market and cryptocurrency investors alike should be watching keenly today as a company at the intersections of both comes public. Argo Blockchain (NASDAQ:ARBK), an industry leader with international reach, begins trading today on the Nasdaq under the symbol ARBK. It primarily trades on the London Stock Exchange and was available to U.S. investors via the over-the-counter markets. Today, that changes as U.S. investors can now purchase ARBK stock.
InvestorPlace contributor Chris MacDonald notes that “Argo can be viewed as a crypto mining play offering investors a blank slate,” essentially offering investors a chance to cash in on an important IPO in the crypto mining space after missing its initial debut in the U.K.
According to statement issued yesterday, Argo’s IPO consists of “7,500,000 American Depositary Shares (“ADSs”), representing an aggregate of 75,000,000 ordinary shares, at a public offering price of $15.00 per ADS.”
What else should investors be considering as trading begins for the intriguing ARBK stock? Let’s find out.
Things to Note as ARBK Stock Begins to Trade
- Argo was founded in London, England in 2017. In 2018, it made history by becoming the first crypto mining company to trade on the LSE.
- Argo offers cloud-based mining as a service which is available at scale to anyone, regardless of location, as part of a monthly subscription.
- The company prides itself on making crypto mining available to those with little to no experience or who lack the technical proficiency necessary to operate complex mining hardware.
- Popular cryptos to mine by way of Argo technology include Bitcoin Gold (CCC:BTG-USD), Ethereum (CCC:ETH-USD), Ethereum Classic (CCC:ETC-USD) and Zcash (CCC:ZEC-USD).
- ARBK stock’s IPO will be underwritten by Jefferies and Barclays, who will act as “joint book-running managers.”
- All underwriters are offered the opportunity to acquire an additional 1.125 million ADSs at the public offering price, an option extended for the next 30 days.
- According to the statement, “each ADS offered represents 10 ordinary shares of Argo Blockchain.” InvestorPlace’s Thomas Yeung notes that this is “great news” for the company as it begins trading.
- In addition, Yeung considers Argo be better at mining Bitcoin than its opponents.
- Argo is listing on a U.S. stock index as an ADR (American Depository Receipt), a method similar to that employed by Chinese e-commerce and technology giant Alibaba (NYSE:BABA), who listed on the NYSE after debuting in China.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.