Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) experienced a significant decrease in its share value on Monday, following an equity round that raised £7.8 million. The new shares were issued at a price of 20.5p to institutional investors, representing a 24% discount compared to the previous closing price. However, this discount only amounted to 1% on a volume-weighted 30-day basis.
The funds raised from this equity round will be utilized for various purposes, including the repayment of debts, working capital, and general corporate needs.
In addition to the equity round news, Argo Blockchain released its operational update for December. The update revealed that the company successfully mined 155 bitcoins, indicating a 4% increase compared to the previous month. The revenue generated from these mining operations also witnessed a month-on-month growth of 25%, amounting to US$6.6 million (£5.2 million).
Following these developments, Argo Blockchain’s shares were trading at 22.75p at the time of writing.
Despite the decline in share value, Argo Blockchain remains optimistic about its growth prospects. The company continues to focus on expanding its mining operations and improving efficiency to capitalize on the growing interest in cryptocurrencies and blockchain technology. With the additional capital raised, Argo Blockchain aims to strengthen its financial position and support its future strategic initiatives.
While market fluctuations are common, Argo Blockchain believes that its consistent mining performance and revenue growth demonstrate its ability to generate value in a rapidly evolving industry. As the demand for cryptocurrencies continues to rise, the company aims to position itself as a key player in the blockchain ecosystem.
The source of the article is from the blog macholevante.com