Bitcoin mining company Argo Blockchain has sold a stake for £5.75 million on the London Stock Exchange. According to the statement made by official channels, Argo will finance some of its debts with the resources it has obtained.
The number of shares Argo Blockchain transferred represents approximately 12% of the company’s pre-sale market value. According to the statement, the selling price of the stocks has a 14% discount compared to the market.
The London-based cryptocurrency miner lost £194.2m in 2022 as opposed to a net income of £30.8m in 2021. The decline in the crypto money market and rising energy prices left Argo in a very difficult situation.
While many Bitcoin miners went bankrupt in the bear market, Argo Blockchain survived by selling assets. The company transferred a mining facility in Texas, USA, to Galaxy Digital for $65 million. The commercial relationship between Argo and Galaxy was not limited to this. The embattled cryptocurrency miner has agreed to take out a $35 million loan from Michael Novogratz’s company.
Argo Blockchain Shares Dropped Hard!
After the news of the sale in the past minutes, the company’s stock ARB, which is traded in the UK, fell sharply.
The shares of the miner, who closed the previous week at the level of 20, are currently finding buyers at 10.70.
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.