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Argo Blockchain, a UK-listed Bitcoin Mining organization has recently announced that they had confidentially applied a draft Registration Statement on Form F-1 to the U.S. Securities and Exchange Commission (SEC), to acquire secondary listing in the US, i.e., dual listing. The firm has revealed that the request is currently undergoing the SEC review process.
Argo specified in the application that the initial public offering would use American Depository Shares (ADS) Method. However, there has not been any announcement of a determined quantity and price brackets of the IPO. The proposed offering details are expected to be out by the third quarter, once the SEC is through with the review process.
The Press Release stated, “Argo Blockchain (LSE: ARB), a global leader in cryptocurrency mining, announces it has previously confidentially submitted a draft Registration Statement on Form F-1 with the United States Securities and Exchange Commission (the “SEC”) relating to a proposed dual-listing and initial public offering (the “Proposed Offering”) of American Depositary Shares (“ADSs”) representing its ordinary shares in the United States. The number of ADSs to be offered and the price range for the Proposed Offering have not yet been determined. The Proposed Offering is expected to commence in the third quarter of 2021 after the SEC completes its review process, subject to market and other conditions.”
Crypto is rapidly going Public
Big names in crypto have gone public in 2021 and the number is only growing as the year has progressed. Apart from Argo Blockchain, the largest cryptocurrency exchange in the U.S, Coinbase went public with the ticker COIN.
Crypto exchange Bakkt also recently went public with a blank-check firm VPC Impact Acquisition Holdings. Bakkt is getting an enterprise value of $2.1 billion with $207 million in cash as well as $325 million from other company investors, along with $50 million from ICE. Circle the USDC stablecoin issuer is also set to make a public debut on Nasdaq later this year at $4.5 billion valuations.
As the demand for crypto in the retail sector rises, more and more companies have started to head towards IPO.
The post Bitcoin Mining firm Argo’s secret US listing application is now under SEC review appeared first on Coingape.
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