shares of Bitcoin mining firm Argo Blockchain (Loan: ARB, NASDAQ: ARBK) traded higher on Monday, surging more than 15% as the UK-based company’s stock was relisted. nasdaq stock exchange,
Argo shares soar as miner avoids bankruptcy
In October last year, the Argo blockchain team announced that the miner faced a possible fall into bankruptcy, citing financial turmoil amid the impact of higher energy costs and a fall in bitcoin prices as a likely result. But the bitcoin miner was also actively seeking financing to survive the event.
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a deal In December a deal with Galaxy Digital valued at around $100 million saved Argo from bankruptcy. The miner sold its Helios mining facility to Galaxy for $65 million and was topped off with $35 million in debt, news that saw shares of Argo rally amid a broad upside for bitcoin and altcoins.
as inves Reported In late December, the company’s shares, which had been trading below $1 for more than 30 straight days, rose sharply following the Galaxy announcement.
From a low of $0.38 per share on December 16, 2022, the crypto stock jumped up to $1 and stayed above the range for 10 consecutive days. Argo Blockchain said in a statement that the requirement to stay above $1.00 for ten days was met on January 13, 2023. Statement,
This is a rise from the penny stock tag that has seen Nasdaq listing compliance. Overall, Argo shares are up more than 127% year-to-date and up nearly 400% since mid-December.
The share price reached a high of $2.03 on Monday. Argo Blockchain also publicly traded London Stock ExchangeWhere its shares were up nearly 6% on Tuesday morning.
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