The shares of U.K.-based Bitcoin mining company Argo Blockchain rose as the company gained listing compliance with Nasdaq. Since its 0.38 low on December 16, the miner’s stock has rose by 400% to $2.03. The shares of Bitcoin [BTC] mining company Argo Blockchain rose as much as 18% on 23 January after the company regained […]
listing compliance with Nasdaq. The development came on the heels of a December 2022 agreement with Galaxy Digital to avoid bankruptcy, which was accompanied by a rise in BTC.On 13 January, the United Kingdom-based company announced that it had met the requirement to continue listing its shares on Nasdaq after bids for its shares remained above $1 for 10 consecutive days.
The miner’s shares had become a penny stock in the latter half of last year, with its share price dropping as low as $0.38 on 16 December following the crypto winter. Argo, among other crypto companies, was on the verge of declaring bankruptcy because of rising energy costs and a sharp drop in BTC prices.its Helios mining facility in Texas to the crypto-based financial services firm Galaxy Digital for $65 million and a $35 million loan.
The transaction assisted Argo in bolstering its balance sheet and avoiding bankruptcy after it found itself in a precarious situation when a deal for $27 million in fundingEvidently, Argo Blockchain could benefit from the lower debt load after its previously disclosed equity raise with a strategic partner fell through. The firm could have more money to buy additional miners and increase hash rate faster with less capital expense dedicated to mining facility development.
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