Argo Blockchain is looking to fuel its growth plans following a £22.4m placing at a price of £0.80p per share.
The Argo Blockchain placing will be reserved for ‘certain institutional investors contributed to a fall of over 12 percent today in the ARB share price. H.C. Wainwright & Co. will be acting as the placement agent.
Despite the drop in today’s share price, many investors will be looking for continued returns in the mid-long term. One of the key reasons for the placement was to expand the company’s mining capacity during the first half of this year :
“This new mining hardware expansion is expected to be installed in batches at Core Scientific’s facilities in the United States between February to June, and is scheduled to be fully operational by June 2021. This expansion will add approximately 610 petahash to the Company’s installed computing power, bringing it to a total of 1,685 petahash or 1,68 Exahash by the end of Q2 2021.”Private Placement – Argo Blockchain
The placing by Argo Blockchain comes at a time where the price of Bitcoin is at record highs with institutional investors appearing to be generating greater interest in the future of cryptocurrency.
Shares in Argo Blockchain are currently trading at 94p following news of the placing.