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

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 attempt to obtain $27 million in a scheduled financing deal fell through. According to the company’s October update, Argo said it did not believe the deal “will be consummated” and now two market analysts have downgraded the company’s shares. Argo Blockchain’s $27 Million Financing Deal Falls Through, Stock Shudders, Wall Street Analysts Downgrade ARBK Shares

Bitcoin miners have been facing significant pressures as a couple of publicly-listed mining firms have faced financial hardships and bankruptcies. The recent mining difficulty all-time high has not helped, and the fact that Bitcoin’s hashrate price reached an all-time low, it has crippled specific mining businesses.

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

“As previously disclosed, [Argo Blockchain] signed a non-binding LOI with a strategic investor to raise approximately £24 million($27 million) via a subscription for ordinary shares,” Argo’s filing details. [Argo Blockchain] no longer believes that this subscription will be consummated under the previously announced terms. Argo is continuing to explore other financing opportunities.”

Argo’s shares, ARBK, have plummeted during the last 24 hours, losing 14.86% against the U.S. dollar by 1:22 p.m. (ET). Then the financial institution Canaccord Genuity slashed the shares down to hold from buy, and Jefferies analysts’ Bolor Enkhbaatar and Jonathan Petersen downgraded the company’s shares to a hold as well. Petersen told clients that if Argo was able to reduce the miner’s debt it would bolster “significant flexibility in these volatile times.”

At press time, ARBK shares are down to $0.95 and during the last six months, ARBK has lost 88.54% against the U.S. dollar. Year-to-date, the publicly-listed bitcoin miner Argo’s stock is down 92.74%. Argo has been actively selling off bitcoin (BTC) as it sold 887 BTC in July and 637 BTC in June 2022. In the October update, Argo further noted that it sold 3,843 new-in-box Bitmain S19J Pro machines for cash proceeds and to “further maximize liquidity.” Tags in this story ARBK, Argo, Argo Blockchain, Argo shares, Bitcoin Miners, Bitcoin mining, Bitmain S19J Pro, BTC Mining, Cash, compute north, Core Scientific, Liquidity, mining rigs, October update

What do you think about the recent news surrounding the publicly-listed bitcoin miner Argo Blockchain? Let us know what you think about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Bitcoin Miner Cleanspark Acquires 3,853 Bitmain-Made BTC Mining Rigs for $5.9 Million MINING | 14 hours ago 3 Bitcoin Mining Records Set in October — BTC Hash Price Taps Lifetime Low, While Hashrate and Difficulty Surged MINING | 2 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCrypto Exchange Coinbase Files Amicus Brief to Support Ripple in SEC Lawsuit Over XRP Next articleChinese Central Bank Governor: User Privacy and Financial Security Key Principles Guiding CBDC Design Process Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method