Benzinga | Jul 6, 2021 11:48AM EDT

Bitcoin Mining Firm Argo Blockchain Explores Strategic Secondary Listing On NASDAQ

What Happened: London Stock Exchange-listed Bitcoin mining firm Argo Blockchain PLC (OTCMKTS: ARBKF) is reportedly considering a secondary listing on the NASDAQ.

According to an announcement from the company on Tuesday, Argo is evaluating a potential NASDAQ listing for strategic purposes, although it is yet to decide the timing and terms of the listing.

Strategic Update

The Company also announces that it is exploring a potential secondary listing on NASDAQ. Argo has not made any decisions regarding the timing or the terms of the potential secondary listing.#ARB $ARBKF

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-- Argo (@ArgoBlockchain) July 6, 2021

"Any proposed listing is subject to market and other conditions, and there can be no assurance as to whether or when the proposed listing may be completed," said the company.

Argo's CEO, Peter Wall, who was the first chief executive to be paid out his salary entirely in Bitcoin (CRYPTO: BTC), said that the company was considering the secondary listing in light of its impressive margins in recent times.

"June has seen big changes in the cryptocurrency sector, with the reduction in total global hash rate and mining difficulty as mining machines have come offline in China," he said.

"We've seen the global hash rate drop from over 150m TH/s to just 90m TH/s in the space of a month and mining difficulty adjusted to reflect this reduction."

Capitalizing on these changes, Argo delivered a mining margin of 78% after generating mining revenue of $6.03 million in the month of May.

Last week, the company received a $20 million Bitcoin-backed loan from Galaxy Digital Holdings (OTC:BRPHF) to build out a new crypto mining facility based in Texas.