Why Bitcoin- And Ethereum-Related Stock Argo Blockchain Is Down Over 40% Since Thursday

Argo Blockchain PLC - ADR ARBK shares are trading lower by 9.76% to $2.22 Tuesday morning after the company announced an operational update for September.

The stock has fallen some 43.51% since the close of Thursday's session after the company announced strategic actions to strengthen its balance sheet.

What Happened Tuesday?

During the month of September, Argo says the company mined 215 Bitcoin BTC/USD or Bitcoin Equivalents (together, BTC) compared to 235 BTC in August 2022.

The company says the decrease in BTC mined is primarily due to a 12% increase in average network difficulty during September.

Additionally, the company is continuing to curtail operations at its Helios facility in Dickens County, Texas during periods of high electricity prices.

Argo says as of September 30, the company held 512 Bitcoin, of which 167 were BTC Equivalents. The company is closely monitoring market conditions and is actively using a variety of derivatives to manage BTC holdings and mitigate risk exposure.

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According to data from Benzinga Pro, Argo Blockchain PLC has a 52-week high of $21.00 and a 52-week low of $2.04.