First Crypto IPO on London Stock Exchange Captures $32.5 Million

London-based mining operation Argo is the first cryptocurrency firm to successfully launch an IPO on the London Stock Exchange, capturing £25 million in investor capital.

The August 3, 2018 launch of the public offering provides retail investors with the opportunity to purchase ordinary shares in the mining organization, which operates a mining facility in Quebec, at a rate of £0.001 each.

Argo Minings's June 11 IPO announcement marks the first time a cryptocurrency-focused platform gained an admission standard segment of the LSE Official List, with the purpose of the flotation as "Raising the public profile of Argo and to provide new funds for expansion and long-term growth."

The listing valued Argo Mining's market capitalization at a total of £47 million, with Argo stating that the placing was "Significantly over-subscribed."

Argo mining gained approval from the UK Listing Authority for the IPO in May, launching subscription mining services on June 11.

The Argo platform offers customers cloud-based mining services - users are able to select from three separate monthly subscriptions allowing them to mine Bitcoin Gold, Ethereum, Ethereum Classic, and Zcash.

The Argo Mining prospectus outlines a forward-leaning perspective on the future of cryptocurrency mining, notably providing a comprehensive introduction to mining and blockchain architecture.

In addition to cryptocurrency mining, the Argo Mining prospectus outlines a range of alternative use cases for the Quebec-based Argo mining operation, including GPU-intensive applications such as machine learning, computational fluid dynamics, molecular modeling, and genomics.

While Argo Mining may be the first crypto mining platform to launch an IPO on the LSE, it isn't the only mining operation seeking to issue ordinary shares in traditional markets.

Crypto mining giant Bitmain is currently moving towards an IPO, with Bitmain Technologies Ltd Co-Founder Jihan Wu recently hinting toward the possibility of a listing in Hong Kong markets.