Seeking Alpha
2021-09-23 16:46:45

Crypto miner Argo Blockchain ADSs get lackluster reception after IPO

American depositary shares of crypto miner Argo Blockchain (NASDAQ:ARBK) open trading on the Nasdaq Global Market at $15.01, barely above their initial public offering price of $15. Over-the-counter shares of Argo (OTCQX:ARBKF -22.0%) sink after the ADSs start trading. On Sept. 14, the company launched its IPO of 7.5M American depositary shares, representing 75M shares. The only London-based crypto miner mined 206 bitcoins worth $9.43M in August, generating an average mining margin of ~86%. Previously, (Aug. 19) Crypto miner Argo Blockchain files for IPO of ADSs.

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