Argo Blockchain considers secondary listing on NASDAQ

imageStock Markets11 hours ago (Jul 06, 2021 09:12)

© Reuters.

By Samuel Indyk – Argo Blockchain (LON:ARB) has said it Is mulling a secondary listing in the US on NASDAQ, but has yet to make any firm decision regarding the timing.

The London-listed cryptocurrency miner said any proposed listing is subject to market and other conditions, and there can be no assurance as to whether or when the proposed listing may be completed.

The news comes alongside the regular monthly update from Argo, where they announced they had mined 167 Bitcoin or Bitcoin equivalent in June, versus 166 in May.

Based on cryptocurrency prices during the month and daily foreign exchange rates, mining revenue in June totalled £4.36 million, down from £5.51 million in May.

This comes as the price of Bitcoin traded briefly below $30,000 for the first time since January during the month amid tighter regulation in China, fears of a more general global crackdown and slower institutional adoption.

The company said its income was generated at an average monthly mining margin of approximately 78%, down from 82% in May.

“June has seen big changes in the cryptocurrency sector, with the reduction in total global hash rate and mining difficulty as mining machines have come offline in China,” said Argo Blockchain CEO Peter Wall in a statement to the London Stock Exchange.

“We’ve seen the global hash rate drop from over 150m TH/s to just 90m TH/s in the space of a month and mining difficulty adjusted to reflect this reduction.

“Argo has capitalised on these changes, continuing to deliver strong revenue at an impressive margin,” Wall added. 

Year-to-date the company has mined 883 Bitcoin. At the end of June, Argo held 1268 Bitcoin or Bitcoin equivalent.

At 09:10BST, shares in Argo Blockchain were trading lower by 2.2% at 125.22 pence per share.  

Argo Blockchain considers secondary listing on NASDAQ

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