Bankers eagerly await the Hong Kong IPO of Bitmain, the dominant provider of computer hardware for cryptocurrency miners which had $2.8 billion of revenue in the first half of 2018. But as they wonder what valuation public investors will eventually put on a company that has already raised $872 million in private funding – with a $422 million venture round completed in August that drew in Temasek Holding among others – let’s not forget Argo Blockchain.

Crypto analysts have at various times in recent months talked up a valuation for Bitmain, which was founded in 2013 and is headquartered in Beijing, of anywhere from $15 billion to $50 billion.

Founded in December 2017, headquartered in London but with most operations in Canada, Argo is a much smaller company, with a market cap a mere fraction of that.