Argo Blockchain Begins Trading on OTCQB Venture Market
- U.K. cryptocurrency mining firm Argo Blockchain received approval to begin trading in the U.S.
- The company has begun trading on OTCQB under the ticker ‘ARBKF.’
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Argo Blockchain, a cryptocurrency mining firm based in the U.K., has begun trading on the U.S. venture market OTCQB under the ticker “ARBKF”.
The company received approval from the OTC Market Group to commence trading at the opening of the trading day on 13 January 2021.
According to the company’s press release, trading on the U.S. OTC market will have no impact on existing Argo shares trading on the London Stock Exchange (LSE). No new ordinary shares will be issued as part of the cross-trade.
Argo noted that it would continue to rely on announcements made through the London Stock Exchange. Despite the new listing, the company doesn’t have to subscribe to the Sarbanes-Oxley Act or be regulated by the U.S. Securities and Exchange Commission (SEC).
Peter Wall, the chief executive of Argo Blockchain, said that cross-trading ordinary shares from London would help the company reach a broader shareholder base in the U.S.
“US investors will now have the opportunity to share in the Company’s growth as the cryptocurrency market gains momentum,” he explained in the release.
- The fresh $25 million BTC-backed loan will help Argo meet its cash flow requirements, and fund the expansion of its West Texas mining facility.
- The new agreement will see Argo Blockchain roll up both its loans into one, for a combined sum of $45 million, with a maturity date of 29 October.
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- The company plans on building a new, 200-megawatt mining facility in West Texas.
- The majority of the energy used in the new farm will come from renewable sources.
- Core Scientific’s physical security and technical operations teams will support Argo’s mining machines at each site.
- Argo has prepared 8,878 digital asset mining machines for this operation, that will utilize the favorable climate and the competitive electricity prices in the region.