Bitcoin Miner (Argo) Gets Back Nasdaq's Trust
Work illustrations by Storyset
Image by storyset on Freepik
Early last December, Argo (ARBK), a bitcoin miner, was warned by Nasdaq that the value of their stock was below a dollar, and that by June, they would be delisted from their market.
In the last 10 days, ARBK has managed to stay above a dollar. It took a lot from them to achieve this, and the current market climate also helped.
Argo has been up by 14% since they did what they could to avoid going bankrupt. They went through a deal with Galaxy Digital and also BTC has run against everyone's bear expectations.
Even though Argo would have lost its listing on Nasdaq, there is still the possibility that they would have stayed listed on the London Stock Exchange. A new statement given to the public made known that they had regained their listing on one of the world's biggest markets.
After the FTX crash and the market fall reached one of its lowest lows in recent times, by December they were at $0.38 per stock. Every factor was against them when mining also became difficult because of energy prices.
To mitigate all this, they sold their mining plant in Texas to Galaxy Digital for $65 million and a $35 million loan.
After missing an October transaction and falling, leaving its prices at the lowest they could be at the time, selling to Galaxy Digital was the best thing that could happen for them... at least till this little break we have been seeing.
The value of Argo's shares has gone up by 400% since December, and other crypto currencies have stayed up. Hive is still rising slowly and going back to its highest high of the year. As of writing this post, we are currently at $0.4. I hope to see us surpass $0.5 by February.
What are your thoughts on all this? Will the market continue to marvel us? Is there a fall waiting to happen? Will Argo stay in Nasdaq? What about Hive, where are we going from here?
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