Argo Blockchain Raises £5.7 Million to Tackle Debt: Cryptocurrency Miners Bold Move

By Cora Skindell Jul 19, 202348Views

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Cryptocurrency Miner Argo Blockchain Raises £5.7 Million through Share Sale

Key Points:

Proceeds from the private placing and public sale will be used to pay down debt.
The private placing raised £5.134 million and the public sale raised £616,000.
The shares were sold at a price of 10 pence per share, representing a discount of around 14% to the 30-day volume weighted average price.
Argo Blockchain reported a net loss of £194.2 million in 2019, attributed to the drop in the value of bitcoin.
The company avoided bankruptcy by selling its mining facility and securing a loan.

Hot Take:

Argo Blockchain’s successful share sale will help the company reduce its outstanding debt. Despite reporting a net loss in 2019, the company managed to avoid bankruptcy by making strategic moves, such as selling its mining facility and securing a loan. The funds raised through the share sale will provide further stability to the company as it navigates the volatile cryptocurrency market.

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Cora Skindell

Cora Skindell is a standout figure in the world of cryptocurrency analysis, research, and editorial expertise. As a seasoned crypto analyst and researcher, Cora's insights delve deep into the complexities of digital assets, resonating with a diverse audience. Her ability to dissect intricate crypto concepts is complemented by her adept editorial skills, enabling her to distill complex information into easily understandable content. Cora's contributions serve as a valuable compass for both seasoned and novice individuals seeking to navigate the dynamic landscape of cryptocurrencies. With a keen eye for detail and a commitment to accuracy, she empowers informed decision-making in the ever-evolving crypto space.

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