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.
Argo Blockchain stock chart.The shares of the miner, who closed the previous week at the level of 20, are currently finding buyers at 10.70.
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