Argo Blockchain PLC (ARB) debuted on the London Stock Exchange and out-raised its goal of £20 million by an extra £5 million – putting their total market valuation around $61 million.

“Argo’s admission to the London main market is a major step in the company’s development and will put us in a strong position to execute our long-term growth strategy,” executive chairman Jonathan Bixby. “We are delighted with the strong response from investors which will enable us to grow our business in multiple jurisdictions.”

The company is a cryptocurrency mining subscription service, where subscribers can mine four coins for a fee through their own computers or on a mobile device. Those digital currencies are Bitcoin Gold (BTG), Ethereum (ETH), Ethereum Classic (ETC) and ZCash (ZEC). Currently, all of the company’s mining packages are sold out and the wait list is more than 50,000. Here is a quote from the company, to further elucidate: Our service provides immediate access to Argo’s cutting-edge mining rigs, which seamlessly perform the complex crypto-mining operations for our users and then directly deposit all coins mined into users’ digital wallets.

“More than 90 percent of crypto mining is done by elites on industrial scale because it is technically very difficult to do,” Bixby was quoted as saying. “It is incredibly expensive to buy, up front, the hardware you need at $5,000 a machine.”

So, the company never touches coins and is simply a for-service company renting out their rigs.This allows them to avoid legal trouble and rising regulation.

The company’s mining headquarters is located in Quebec, where they have access to low-cost hydropower effectively saving money on operational costs and reducing climate impact.

Given that Argo lets users rents its mining capacity at a fixed cost—and collects regular fees for its software system regardless of what happens to crypto prices—the company basically follows a SaaS model, which is one of the main reason investors sprung so quickly on this IPO. Plus, the business is extremely scalable with almost Amazon-like model, and with new funds in place, the subscriber base will start to rise.

Bixby added that the company’s mining subscription system was developed to “ take the pain and heartache out of participating in the biggest new technology breakthrough since the launch of the internet.”

Furthermore, a report from the Telegraph says some heavy-hitters in the UK banking world are staking them. The report notes registered shareholders include Miton Capital, Henderson Global Investors, and Jupiter Asset Management.

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