leadf
logo-loader
viewArgo Blockchain PLC
(
LSE:ARBOTCQX:ARBKFFRA:0XP
)

Argo Blockchain value beyond US$1bn as bitcoin rise continues

Since bitcoin latest’s run-up began, Argo’s share price has risen to 239p from 14p or a 17-fold increase.

Argo Blockchain PLC -
Cryptocurrency mining rigs

Argo Blockchain PLC (LON:ARGO) saw its share price surge 28% towards £1bn as the price of bitcoin smashed through US$50,000 mark.

The cryptocurrency miner put on a statement saying it knew of no fundamental reason why the shares had risen and was not aware of any material developments beyond those previously notified to the market.

Whether bitcoin's value rising above US$50,000 is a material development is a moot point, but Argo has become almost a proxy for the cryptocurrency in recent months.

Since bitcoin latest’s run-up began, Argo’s share price has risen to 239p from 14p or a 17-fold increase.

Earlier in the month, Argo announced plans to acquire 320 acres of land in West Texas, US, where it intends to build a new 200-megawatt cryptocurrency mining facility.

At the end of December, Argo said it held 501 Bitcoin and Bitcoin Equivalent (BTC).

At 239p, Argo has a market value of £891mln (US$1,24bn).

Quick facts: Argo Blockchain PLC

Follow
LSE:ARB

Price: 167 GBX

Market Cap: £637.66 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

FTSE 100 rises in early trading despite disappointing GDP read

FTSE 100 opened in the green even though the UK economy rose only 0.1% in July after a 1% jump the previous month. London’s main index added 20 points to 7,044 in early trading. Sarah Gilbert, the scientist behind the Oxford COVID-19 vaccine, said giving boosters to everyone won’t be...

1 week, 4 days ago

2 min read