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Seeking Alpha 2021-09-15 14:14:01

Argo Blockchain stock extends gains after U.S. share sale

Shares of crypto miner Argo Blockchain ((OTCQX:ARBKF +5.5%)) climb 12% on the OTCQX Best Market in the past two days as it recently began offering 7.5M American depository receipts with the expectation the shares will be listed on the Nasdaq under the ticker symbol "ARBK". The stock is trading at its highest level since mid-June, and has nearly doubled from its trough in mid-July. The upside move may also be enhanced by the world's largest cryptocurrency Bitcoin ((BTC-USD +2.8%)), reaching $47.9K, while the second largest crypto Ethereum ((ETH-USD +2.9%)) rises to $3.4K in the past 24 hours. In July, SA Contributor Retirement Pot said that despite Argo's improving business performance, it's a speculative investment because the company's value "rests totally on crypto mining, over which the company has no control." Previously, (Sept. 3), Argo Blockchain mined 206 Bitcoins worth $9.43M in August.

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