Publicly-Listed Bitcoin Miner Argo Blockchain’s Stock Gets Downgraded, Firm Offloads Close to 4,000 Bitmain Miners

On Oct. 31, 2022, the publicly-listed bitcoin miner Argo Blockchain revealed the firm’s effort to get $27 cardinal successful a scheduled financing woody fell through. According to the company’s October update, Argo said it did not judge the woody “will beryllium consummated” and present 2 marketplace analysts person downgraded the company’s shares.

Argo Blockchain’s $27 Million Financing Deal Falls Through, Stock Shudders, Wall Street Analysts Downgrade ARBK Shares

Bitcoin miners person been facing important pressures arsenic a mates of publicly-listed mining firms person faced financial hardships and bankruptcies. The caller mining trouble all-time high has not helped, and the information that Bitcoin’s hashrate terms reached an all-time low, it has crippled circumstantial mining businesses.

Following the speculation surrounding mining companies similar Compute North and Core Scientific, Argo Blockchain (Nasdaq: ARBK) has fixed investors an unsettling update concerning a $27 cardinal financing woody that fell through.

“As antecedently disclosed, [Argo Blockchain] signed a non-binding LOI with a strategical capitalist to rise astir £24 million($27 million) via a subscription for mean shares,” Argo’s filing details. [Argo Blockchain] nary longer believes that this subscription volition beryllium consummated nether the antecedently announced terms. Argo is continuing to research different financing opportunities.”

Argo’s shares, ARBK, person plummeted during the past 24 hours, losing 14.86% against the U.S. dollar by 1:22 p.m. (ET). Then the fiscal instauration Canaccord Genuity slashed the shares down to clasp from buy, and Jefferies analysts’ Bolor Enkhbaatar and Jonathan Petersen downgraded the company’s shares to a clasp arsenic well. Petersen told clients that if Argo was capable to trim the miner’s indebtedness it would bolster “significant flexibility successful these volatile times.”

At property time, ARBK shares are down to $0.95 and during the past six months, ARBK has mislaid 88.54% against the U.S. dollar. Year-to-date, the publicly-listed bitcoin miner Argo’s banal is down 92.74%. Argo has been actively selling disconnected bitcoin (BTC) arsenic it sold 887 BTC successful July and 637 BTC successful June 2022. In the October update, Argo further noted that it sold 3,843 new-in-box Bitmain S19J Pro machines for currency proceeds and to “further maximize liquidity.”

What bash you deliberation astir the caller quality surrounding the publicly-listed bitcoin miner Argo Blockchain? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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