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Bitcoin Miner Argo’s Shares Drop After Fundraising Fails

  • Argo shares fall as much as 73% after saying stock sale failed
  • Bitcoin miners are under increasing strain as prices drop
Updated on

Bitcoin miner Argo Blockchain Plc warned that it could be forced to shut down after a $27 million share sale appeared to have collapsed, sending the stock plummeting the most since its 2018 initial public offering. 

Argo said in a statement on Monday that it raised about $5.6 million by selling almost 4,000 new Bitmain mining machines and is exploring other funding avenues.