Why did Argo Blockchain share price jump 27% today?

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Why did Argo Blockchain share price jump 27% today?

 Why did Argo Blockchain share price jump 27% today?
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Summary 

  • Argo Blockchain shares rallied approximately 27% on Monday
  • Shares have a YTD gain of 135%, barring today’s appreciation
  • Between Oct 2020 and Feb 2021, the stock gained nearly 6,300%

Shares of Argo Blockchain Plc (LON: ARB), the London-based cryptocurrency mining company, rallied nearly 27% on Monday, 26 July. The stock moved up sharply after opening 17% higher, nearly reversing the losses incurred in the last two weeks.

Despite a market-beating performance in the present calendar year, the shares of Argo Blockchain have been largely falling after hitting a closing high of GBX 284 on 17 February 2021. Since then, the stock has corrected approximately 61%, effectively reducing the year-to-date (YTD) gains.

Surprisingly, the stock surged as much as 26.58% on Monday to an intraday high of GBX 140 from the previous closing price of GBX 110.6.

Argo Blockchain shares (26 July)

Image Source: REFINITIV

According to the historical data available with the London Stock Exchange, the shares of Argo Blockchain stand with a gain of nearly 135%, barring the present day’s surge.

 

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Over the course of the last 12 months, Argo Blockchain shares have registered an exceptional performance with the stock emerging as one of the leading multibagger components out of the thousands of listed entities on the London Stock Exchange. In the little more than four months, the stock of Argo Blockchain leapfrogged multiple price barriers, accumulating a return of nearly 6,300% between 7 October 2020 and 17 February 2021.

Earlier last week on Thursday, Argo Blockchain announced that the company has started a 200-megawatt (MW) cryptocurrency mining facility in Helios, Texas.

The crypto ecosystem consumes huge power for mining the cryptocurrencies. High volumes of transactions and mining actions potently increases the carbon footprint, at a time when leading economies of the world are planning to cut short the emissions that can benefit the society and several nations which remain highly susceptible to the adverse reactions of climate change.

In order to address the challenges of power consumption and carbon emissions, Argo Blockchain has decided to power the Texas crypto mining facility through renewable resources of energy. According to the company, the mining facility is likely to be completed in the first half of 2022, productively enhancing the mining capacity of the enterprise.

Also Read | What’s driving the crypto rally?

Of late, Argo Blockchain has been in the news for several reasons. Last week itself, the tech firm said that it has initiated the process of the prospective idea of dual-listing the corporation. The company has submitted a confidential draft registration statement to the US Securities and Exchange Commission in order to pave the stock market debut for American Depositary Shares (ADSs) in the US.

The proposed initial public offering (IPO) to begin the conventional capital market journey on the US bourses is subject to the completion of review by the SEC, while the company is yet to decide on the pricing part and the number of ADSs to be issued.

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