The international cryptocurrency boom that has developed and expanded throughout the year continued today as noted crypto mining company Argo Blockchain (OTCMKTS:ARBKF) launched an initial public offering. Primarily listed on the London Stock Exchange, the company is now offering up 7.5 million American Depositary Shares (ADSs). As a result, Argo will soon hit the Nasdaq where it will trade under the ticker ARBK. This will provide current investors in ARBKF stock a unique opportunity.
What Happened to ARBKF Stock?
ARBKF stock experience some turbulence throughout the course of the day, but shares closed out the day up 8.6%. This rally comes after some slight declines this morning, but an overall steady afternoon with very minimal downticks.
What It Means
Argo has been considering the possibility of listing on a U.S. stock exchange since July, as confirmed by an update released by the company. As fascination with cryptocurrency has grown — and with it the need for Bitcoin (CCC:BTC-USD) mining — it certainly makes sense for the company to expand access for U.S. investors.
ARBKF stock, as it stands, is an interesting case. It currently trades over the counter, which some investors, particularly those who engage in larger-scale trades, can sometimes be wary of. International companies have been known to list on OTC exchanges as a means of connecting with U.S investors and raising capital quickly. As these companies are often smaller or still in fairly early stages of development, an OTC ticker can sometimes ward off investors.
That said, Argo is credited as an industry leader in the United Kingdom within the fields of sustainable blockchain infrastructure development and cryptocurrency mining. Plus, it has a history of trading successfully on one of its country’s most prominent stock exchanges. When it starts trading on a major U.S. exchange, it could easily spark the interest of both stock and crypto investors.
What’s Next for ABRKF Stock
In the literal sense, the next development will be for ABRKF to make its debut on the Nasdaq.
Assuming that happens quickly, investors will have a new Nasdaq-listed stock to watch in the crypto space. Given its potential, Argo Blockchain is certainly worth watching. As we’ve seen, it has been an overall good year for the stocks of companies who deal in cryptocurrency, which sometimes make better investments than the cryptos themselves.
Until ABRK stock actually begins trading on the Nasdaq we won’t know for sure how high it can go. There is no reason, though, not to be optimistic. If Argo does well on a major U.S. index, other companies like it will follow. Holders of ARBKF stock should be excited.
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.