Welcome to our dedicated page for Argo Blockchain plc American Depositary Shares news (Ticker: ARBK), a resource for investors and traders seeking the latest updates and insights on Argo Blockchain plc American Depositary Shares stock.
Argo Blockchain plc is a leading blockchain technology company specializing in large-scale cryptocurrency mining. Dual-listed on the London Stock Exchange (LSE: ARB) and NASDAQ (ARBK), Argo operates state-of-the-art data centers in Quebec and Texas, which are powered predominantly by renewable energy. With a mission to make cryptocurrency mining accessible and efficient for everyone, Argo offers a user-friendly platform that enables customers to mine Bitcoin, Ethereum, and other altcoins directly from their computers or mobile devices. Argo's platform provides seamless access to its high-performance mining rigs, ensuring that users can engage in crypto-mining with just a click and a transparent monthly fee.
In recent developments, Argo has made significant strides in optimizing its operations and strengthening its financial position. The company recently sold its Mirabel, Quebec data center for $6.1 million, which enabled it to reduce its debt significantly. The mining machines from the Mirabel facility were successfully relocated to Argo's Baie Comeau facility, further streamlining operations and reducing non-mining operating expenses by approximately $0.7 million per year.
Argo's commitment to sustainability is evident as it became the first climate-positive cryptocurrency mining company in 2021 and a signatory to the Crypto Climate Accord. The company's operations prioritize environmental sustainability, leveraging hydroelectric power in Quebec and renewable sources in Texas.
Financially, Argo has shown resilience and growth even amidst market volatility. The company reported a 5% increase in daily Bitcoin production in March 2024 and achieved a monthly mining revenue of $7.0 million. The company’s net loss for Q1 2024 was $3.2 million, but it demonstrated strong revenue performance with $16.8 million, and a 4% increase compared to Q4 2023. Additionally, Argo has consistently reduced its debt, lowering the balance to $12.8 million as of March 2024, achieving a 63% reduction from the original debt amount.
With a focus on financial discipline, operational excellence, and strategic partnerships, Argo continues to explore opportunities to pair mining with stranded or wasted energy, aiming to optimize renewable energy usage. As the company navigates the evolving cryptocurrency landscape, it remains dedicated to delivering value to its shareholders and maintaining its leadership position in the industry.
Argo Blockchain has announced the exercise of options for 1,000,000 ordinary shares at an exercise price of £0.07 each, resulting in gross proceeds of £70,000. Following the expected admission of these shares on or around November 12, 2021, the total number of ordinary shares in issue will rise to 468,082,335. These new shares will rank equally with existing shares. This announcement includes inside information relevant to shareholders.
Argo Blockchain has announced a proposed public offering of 8.75% Senior Notes due 2026, filing a registration statement with the SEC. The Notes will be offered in minimum denominations of $25.00. Proceeds from the offering will support corporate purposes, construction of a Texas cryptocurrency mining facility, and potential acquisitions in the blockchain sector. The Notes are expected to trade on Nasdaq under the symbol ARBKL. The offering received a 'B' rating from Egan-Jones Ratings Company.
Argo Blockchain reported a positive operational update for October 2021. The company mined 167 Bitcoin, increasing total year-to-date production to 1,646 BTC. October's mining revenue surged to £7.24 million ($9.75 million), up from £5.50 million in September, with a mining margin of approximately 86%. The company enhanced its capacity by adding 220 PH/s, totaling 1.295 EH/s. Additionally, Colleen Sullivan resigned from the board for personal career reasons, with no disagreements reported.
Argo Blockchain disclosed material non-public information (MNPI) after a meeting with Anthony Coyle on November 4, 2021. Notably, Argo stated it does not have sufficient data to claim a 25% increase in hash-rate due to immersion cooling technology. They indicated that alternative cryptocurrencies could represent up to 20% of total revenue, not a forecast but a directional insight. Additionally, they reported a 500% return on a specific investment, though this was not material. Lastly, costs to build a Texas mining facility could range from US$1.5 billion to US$2.0 billion, subject to various risks.
Argo Blockchain achieved record revenue of $26.0 million and net income of $17.3 million for Q3 2021, with an EBITDA of $28.2 million. The company mined 597 Bitcoin and Bitcoin equivalents, boosting total BTC holdings to 1,836. Key developments include the ongoing construction of the Helios mining facility in Texas, which will enhance mining capacity. Additionally, Argo successfully completed its ADR listing on Nasdaq on September 23, 2021, further solidifying its market presence.
Argo Blockchain (LSE:ARB, NASDAQ:ARBK) reported record financial results for Q3 2021, achieving revenues of $26.0 million and net income of $17.3 million. The company mined 597 Bitcoin, increasing total holdings to 1,836 BTC. EBITDA for the quarter was $28.2 million. Construction of the new Helios mining facility in Texas is in progress, aimed at enhancing mining capacity by accessing 800 MW of power. Additionally, the company completed its ADR listing on Nasdaq, expanding its market presence.
Argo Blockchain plc will release its Q3 2021 financial results on November 1, 2021, after Nasdaq trading closes. A conference call will follow on November 2, 2021, at 08:00 ET/12:00 GMT, accessible via the Investor Meet Company platform. Interested investors can register for the call online. Argo Blockchain is a leader in cryptocurrency mining, based in London, UK, and listed on both the London Stock Exchange and Nasdaq. This announcement provides investors with essential information regarding its upcoming results and engagement opportunities.
Argo Blockchain reported operational results for September 2021, with 165 BTC mined, down from 206 BTC in August. Year-to-date mining totals 1,479 BTC. September revenue reached £5.50 million ($7.59 million), decreasing from £6.83 million ($9.43 million) in August. The mining margin was approximately 84%, slightly down from 86%. As of September 30, the company held 1,836 BTC. The report highlights resilience despite increasing network difficulty since July.
Argo Blockchain has signed a purchase agreement for 20,000 Bitmain Antminer S19J Pro machines, which will be paid in installments before shipment. This acquisition will enhance Argo's hashrate by over 2 Exahash, increasing its total mining capacity to 3.7 Exahash by the end of Q3 2022. The initial deposit is funded by cash reserves, with deliveries expected between Q2 2022 and Q3 2022. The company highlights its ongoing relationship with Bitmain.
Argo Blockchain Plc (LSE: ARB; OTCQX: ARBKF) has successfully closed its public offering of 8,525,000 American Depositary Shares (ADSs), equivalent to 85,250,000 ordinary shares, at a price of $15 per ADS. This offering generated approximately $127.9 million in gross proceeds. The offering included 7,500,000 ADSs initially announced and an additional 1,025,000 ADSs exercised by underwriters. The ADSs began trading on Nasdaq on September 23, 2021. Jefferies and Barclays served as joint book-running managers for this transaction.
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