Recently it was a billion dollar company and today it is officially a billion pound company. Argo Blockchain’s m.cap has surpassed the £1bn mark today as its impressive run of back-to-back rises continues.
Based on m. cap of £1.1bn which it did reach today, Argo Blockchain’s valuation would be enough to put it well into the FTSE 250 – bigger than 20 percent of those companies that are on one of London’s most prized indexes.
Some of the notable names it has exceeded include fellow high-flyer Premier Foods, Liontrust Asset Management and Clarkson.
Today it confirmed that its general meeting will be held on 5 March at 10am.
An incredible achievement but what’s driving the meteoric rise?
This is an incredible achievement – just two months ago, ARB’s share price was at 11p, it went as high as 290p today – soaring by over 2500%.
Argo Blockchain’s bet on the rising importance of cryptocurrency is clearly paying dividends for the business.
While there were recent warnings that the price of Bitcoin may fall sharply and suddenly as it has done in the past – Bitcoin has shrugged this off with Tesla giving it a huge thumbs up as well as the likes of Deutsche Bank and MasterCard seemingly making moves. This has all added a degree of confidence in the increasing acceptance of Bitcoin.
Now while many will say Argo Blockchain’s revenues are relatively small compared to its m. cap, it shows evidence of scalability, profitability and is a business that is in the highly valued sector of fintech.
Should the price of Bitcoin continue to increase over the long-term as mainstream acceptance increases and Argo continue to mine efficiently with substantially more scale, then it will be the perfect tonic for revenues and profits to soar just as its share price has done so.