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Summary
- UK-based cryptocurrency mining company Argo Blockchain shares will start trading on the OTCQX Best Market on 24 February.
- The move comes just days after the blockchain firm entered into a priority supply agreement with ePIC Blockchain Technologies for an initial purchase of US $8 million worth of ASIC mining rigs.
- The news led to the company’s LSE-listed shares to spike by over 18 per cent touching GBX 254.67.
UK-based cryptocurrency mining firm Argo Blockchain PLC (LON:ARB) announced that its stocks will start trading on the OTCQX market in the US from Wednesday, thus enabling the company to gain further access to the US markets. Argo Blockchain’s shares were upgraded from the OTCQB Venture Market. A third-party company MCAP Markets LLC sponsored the blockchain mining firm’s qualification to the OTCQX market.
The OTCQX market is the highest tier of the three marketplaces for over-the-counter (OTC) trading of shares, which are targeted towards investor focused, pre-existing US-based and international companies. Graduating from the OTCQB to the OTCQX market signals the company has met the most stringent qualification requirements for trading and will thus support Argo to gain broader visibility among US investors.
Want to know more? Do read: All You Need To Know About Cryptomining And Argo Blockchain Plc
Argo Blockchain CEO Peter Wall said that by gaining approval for trading on the OTCQX platform, the company with greater access to US-based retail and institutional investors alike.
Recent deals
The company has recently been in the news following several deal announcements.
The crypto-mining firm announced a new commercial agreement with US-based ASIC mining supplier firm ePIC Blockchain Technologies. The US $8-million deal entailed an initial purchase agreement of ePIC mining rigs. The agreement also included a clause to have priority access to the US-based company’s future global production in 2021 and 2022 and on the development of custom Argo machines.
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Want to know more? Do read: Argo Blockchain Plc Revenue From Cryptocurrency Mining Operations Increases By 75% In Q3
Last week, the UK cryptocurrency firm had also announced its plans of setting up a new 200-MW digital mining currency facility in Texas by next year. The deal is a non-binding letter of intent with New York-based firm DPN LLC for the purchase of a 320-acre land located in West Texas worth up to US $17.5 million.
Stock and OTC market reaction
Argo Blockchain PLC (LON:ARB) shares were trading at GBX 254.67, up by 18.08 per cent as of 24 February, 12:38 am GMT+1 following the news. Meanwhile, the company’s newly upgraded OTC ordinary shares (OTCQX:ARBKF) were trading at US $2.715, down by 26.02 per cent, with a market capitalisation of US $1.17 billion during the same period.
