Argo Blockchain PLC raises funds to boost investment in Pluto Digital Assets PLC,

() () said it has completed a fundraising that it says will allow it to complete a follow-on investment in Pluto Digital Assets as well as pursue strategic opportunities in crypto mining, capital investment, decentralised finance (DeFi) and Web 3.0 initiatives, and general working capital purposes.

In an announcement after Monday’s close, the cryptocurrency miner said it has raised around £26.8mln through the placing of around 9.6mln new shares to institutional and other investors, as well as a subscription of 361,977 shares to certain US investors and an offer for subscription of 3.4mln shares by , all at a price of 200p each, a 20% discount to its Monday closing price.

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Regarding Pluto, Argo said it has agreed to invest around £7.3mln in the investee’s current funding round to maintain its 25% shareholding, adding that it will receive 121mln shares issued at a price of 6p each as well as 121mln warrants exercisable at a price of 12p each.

“We are pleased to announce this fundraising which presents Argo with the opportunity to further invest in and expand its mining infrastructure. It will also allow the company to diversify its investments within the cryptocurrency and blockchain ecosystem through our follow-on investment in Pluto Digital Assets,” Argo chief executive Peter Wall said in a statement.

“Argo’s anchor investment in Pluto demonstrates the company’s desire to operate at the forefront of new blockchain technologies which are revolutionising the sector. We are also very excited to be able to open this round to existing retail shareholders and institutions that have been so supportive of us to ensure that as many of our shareholders as possible are able to invest in the company during the fundraising,” he added.