Argo Blockchain, the London Stock Exchange-listed crypto mining company, has launched an IPO (Initial Public Offering) in the United States. The firm, according to an announcement, floated 7.5 million American Depositary Shares (ADSs), which is equivalent to 7.5 million shares, on the Nasdaq Global Market. The shares will be referred to by the symbol ARBK.

The London-based company has planned to raise more than $138 million by the IPO. Argo Blockchain has offered shares at $18.40 a piece, the as-converted September 10 close of its shares on the LSE Main (ARB). At the proposed price, the company would command a market of $855 million in a fully diluted market after the IPO goes live. The company currently commands a market cap of around $745 million. In light of its recent growth, it has also been looking into launching its shares in the U.S. market. Argo Blockchain has also made investments in a mining facility in Texas, with a power capacity of 200 megawatts (MW).

The firm had also, on September 10th, announced that it entered into a loan agreement with Galaxy Digital worth about $25 million to raise funds in order to build the West Texas facility. The firm used some of the Bitcoin it had mined as collateral for acquiring the loan from Galaxy Digital. When the loan was rolled into an existing £14 million (or $20 million) facility, Argo’s outstanding principal stood at a whopping $45 million.

In August, a report generated by The Boatman Capital Research wondered whether the company had overpaid more than 100 times for the land it acquired in Texas to build their facility. Following this, Argo’s CEO Peter Wall defended the purchase in a video on Twitter where he said, “We feel like it was a good deal for the project in Texas, because it wasn’t just a land acquisition, it was a project acquisition.”

Argo has also, in the past, stated that it is a leading blockchain technology company that focuses on large-scale mining of Bitcoin and altcoins. The company does so by using multi-purpose computers to solve complex mathematical equations in exchange for rewards and fees denominated by that network. As a strategy, it wants to use cost-effective mining machines and install them in American facilities where they can utilize renewable and inexpensive power at scale. Argo has a fleet of more than 21,000 machines that can generate more than 1,075 peta hashes per second. The company currently operates its mining machines from two facilities in Canada and four hosted facilities in Canada and the US.

Argo Blockchain was founded in 2017 and has booked more than $54 million in revenue in the past year. Jeffries and Barclays are bookrunners on the deal, which is expected to go through on or around September 20th, 2021.