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Argo Blockchain Shares Suspended In UK And US

The UK Financial Conduct Authority temporarily banned trading in Argo Blockchain shares on Friday after the business reported a reduction in November revenue.

Argo said at the end of October that a proposal to raise $27 million from a strategic investor had fallen through, driving its stock down more than 70%.

The company said that there could be no assurances that any formal agreements or transactions would be signed or completed. It stated:

“Should Argo be unsuccessful in completing any further financing, Argo would become cash flow negative in the near term and would need to curtail or cease operations.”

In November, the London-based blockchain technology firm mined 198 Bitcoin or Bitcoin equivalents, compared to 204 in October.

This was mostly due to an increase in the difficulty of the Bitcoin network. The overall hashrate of the corporation remains at 2.5 exahash per second. Its mining margin in November was 29%, down from 32% in October.

The suspension of Argo Blockchain’s shares was not explained.

Argo Blockchain continues to participate in finance conversations in order to provide the firm with sufficient operating cash for its current needs.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.