A co-founder of Bitcoin mining company Argo Blockchain is set to launch the initial public offering of a new crypto company that will focus on decentralised finance.
Dispersion Holdings will invest in the decentralised finance sector which uses cryptocurrencies and blockchain technology to remove intermediaries from financial transactions.
The company is set to announce its intention to float on the Aquis Stock Exchange Growth Market in London on 19 April, chief executive Mike Edwards told Financial News.
Dispersion is aiming to raise approximately £10m before expenses in a float that will value the company at approximately £25m.
It is aiming to place 200 million shares at 5p each through Novum Securities, the company’s corporate adviser, and joint broker alongside Tennyson Securities. First dealings in the shares are expected to commence later this month.
Edwards is the co-founder of bitcoin miner Argo Blockchain which floated in London in 2018 at 16p a share. Its shares are now trading at 163p, boosted by the explosion in the bitcoin price over the last year.
Edwards said Dispersion was founded on a similar theory to Argo which aims to give investors exposure to cryptocurrencies but without the technical barriers to entry.
He said Dispersion would adopt a portfolio approach, investing in the infrastructure underpinning the sector such as blockchain ethereum and crypto wallets, as well as investing in early-stage fintech companies in the space.
“We hope to create a very large, diversified portfolio that is at the earliest stages of investing in this asset class,” Edwards said.
Edwards is also a director of NFT Investments which listed on Aquis on 16 April, raising £35m to invest in non-fungible tokens.
Further, he is a co-founder of Guild Esports, which floated in London at 8p per share in October, with shares now trading at 6p.
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