A leading blockchain technology company focused on mining Bitcoin BTC/USD is uplisting from the OTC to the Nasdaq. Here’s what investors should know about the company.
Argo Blockchain Uplsting: Shares of Argo Blockchain PLC ARBKF will uplist to the Nasdaq and trade under the ticker ARBK. The company currently trades in the U.S. as an OTC stock and trades on the London Stock Exchange.
OTC shares of Argo Blockchain were trading at $2.23 at the time of writing Wednesday.
About Argo Blockchain: A fleet of more than 21,000 machines that mine Bitcoin and other cryptocurrencies operate as the main business segment for Argo Blockchain.
The company operates with a 1,075 petahash per second rate with facilities located in North America. This places the company in the top 10 for publicly traded self-miners, according to the company’s filing.
Since launching, Argo Blockchain has mined more than 4,515 Bitcoin. The company has sold Bitcoin from time to time but typically holds the cryptocurrency.
“We believe that cryptocurrency represents an attractive, appreciating investment opportunity and as such we have historically held cryptocurrency assets that we do not otherwise sell to fund our operating expenses,” the company said.
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Growth Ahead: Argo Blockchain acquired 160 acres of land in Texas, which will be developed into a future mining facility.
The company plans to have its Phase 1 of development complete in the first half of 2022. The new land will support 200MW of power capacity through the first two phases. Argo currently has 20MW of power at its facilities.
Investments by the company could significantly expand its mining capacity. Additional mining machines that are more profitable will be purchased by the company to capitalize on its smart growth strategy.
The company created Argo Labs as a division to explore investments and opportunities in decentralized finance projects.
Financials: As of June 30, 2021, Argo Blockchain owned 1,268 Bitcoin. The Bitcoin is valued at $55 million at the time of writing.
The company reported that it mined 225 Bitcoin in July and 206 Bitcoin in August.
The company reported revenue growth of 179% year-over-year in the first six months of 2021 to $42.9 million.
Fiscal 2020 revenue was $25.9 million for Argo Blockchain.
Photo: Screenshot of Argo bitcoin mining rig video
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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