Argo Blockchain Applies to Trade on the OTCQB Venture Market in the US
Argo Blockchain, the leading cryptocurrency miner based in the UK, is pleased to announce that it has filed an application with FINRA, the Financial Industry Regulatory Authority, for the Company’s shares to be cross-traded publicly on the US OTCQB Venture Market (OTCQB), under the ticker ARBKF, which would make Argo’s shares more widely available to North American investors.
Argo is a global leader in cryptocurrency mining with one of the world’s largest and most efficient operations. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker ARB. The company’s mining facilities are located in strategic locations throughout North America. Argo’s total mining capacity is 16,000 machines and 645 petahash in addition to 280 Megasols of equihash mining capacity.
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The OTCQB market provides a platform for a wide variety of companies to be able to trade their shares on a major US exchange. In particular, this market provides a facility for North American investors to trade in a wide range of non-US companies whose shares are listed overseas. Trades on this market are undertaken in the North American time zone.
The cross-trading facility on the OTCQB Venture Market is provided through OTC Markets Group Inc., located in New York, which operates the world’s largest electronic interdealer quotation system for US broker dealers and offers multiple media channels to increase the visibility of OTC-listed companies. Independent studies show that trading on the OTC by an international company offers a positive effect on the liquidity of its shares. It enables US investors to buy and sell shares in overseas companies priced in US dollars.
Argo continues to expand its operations and last month entered into an equipment lease agreement with Celsius Networks for 4,500 Bitmain Antminer S19 and S19 pro miners for a term of 24 months. The new mining hardware is expected to be fully operational by February 2021 and will add approximately 430 petahash to the Company’s installed computing power as well as consuming approximately 15 megawatts (MW) of electricity. This will bring Argo’s total hashpower to 1.1 exahash of mining capacity.
Peter Wall, Chief Executive of Argo Blockchain, said: “We have wanted to make Argo available to US markets for quite some time. We are already trading on OTCPK and we anticipate a full OTC listing with wider investor reach in the coming days. This listing represents an important milestone in the development of our Argo as we gain access to a broader investor base and enhance our visibility in the North American markets.”
Jonathan Dickson, VP of International Corporate Services at OTC Markets, said: “We are delighted to welcome Argo Blockchain to the OTCQB Market. With its primary listing remaining on London’s LSE, the OTCQB Market’s cross trading facility will allow Argo to broaden its horizons and provide investors in the United States with the ability to access the Company’s Ordinary Shares in U.S. dollars and during U.S. market hours. Trading on the LSE and on the OTCQB Market will provide U.S. investors with a seamless trading facility, enabling investors to more easily trade through the broker of their choice.”