Bitcoin Miner Argo’s Shares Plummet as Liquidity Concern Rises
- Firm said Friday it would issue 87 million shares to investor
- CEO said the issuance can improve liquidity amid market rout
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Bitcoin miner Argo Blockchain PLC’s shares are plummeting after the firm announced several measures, including issuing stock at a discount to an unnamed investor for $27 million, to ease liquidity pressures.
The London-based mining company’s American depository receipts fell as much as 13% to $2.14 on Tuesday. The ADRs have dropped about 47% since the firm announced on Friday the issuance of the 87 million common shares, or about a 15% stake.