London-listed Argo Blockchain to explore secondary listing in US

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London Stock Exchange-listed Argo Blockchain PLC (LSE: ARB) is planning to explore a secondary listing on the NASDAQ exchange as it looks to take advantage of the soaring investor interest in the blockchain sector.

The consideration accompanied an update for the company’s performance for June.

The U.K.-based block reward miner, which mines the controversial BTC network, noted that the decision to push forward is still subject to market and other conditions. Although the company is eyeing the U.S. market, it has made no decision regarding the timing or terms of a potential second list.

On a macro-level, Argo is looking to capitalize on the recent dramatic changes occurring across the block reward mining landscape as mining machines go offline in China in response to the central government regime’s crackdown on the BTC mining industry.

“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 capitalized on these exchanges, continuing to deliver strong revenue at an impressive margin. We are also pleased to announce the exploration of a potential secondary listing on NASDAQ,” said Argo CEO Peter Wall in the strategic update.

Argo already has a large fleet of ASIC miners. The company disclosed it mined 167 BTC digital tokens in June, bringing its year-to-date total to 883. It estimates the total value of the tokens mined in June to be £4.36 million with a mining margin of approximately 78%.

At the end of June, Argo held 1268 BTC overall (worth roughly $44 million) per its latest operational update.

So far, the latest update has met with mixed reactions from the capital markets. Argo’s stock has been falling recently; dropping by roughly 25% in the past month. Overall, its shares are still up over 140% since the beginning of 2021 and have increased by 2,700% during the past year.

Last month, the company revealed it had secured a £14 million loan agreement for six months with Galaxy Digital LP using a portion of its BTC holdings as collateral. The proceeds from the loan will be used to expand its West Texas data center. In an interview, Wall told Bloomberg’s Amanda Lang and Matt Miller that he expects North America to be a bigger player from now on in the block reward mining industry.

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