Investors appeared to top up on Argo Blockchain shares after the high-flying Bitcoin miner issued a share price movement on the advice of its broker following its incredible surge.
Shares fell in Argo from 250p to 205p after the company released a stock share price movement statment:
“The Board of Argo, the leading cryptocurrency miner based in the UK (LSE: ARB), notes the recent rise in the Company’s share price and sees no fundamental reason for the move, nor is it aware of any material developments beyond those previously notified to the market.”
Explaining the move on Twitter, Argo noted that it was done so on the advice of its broker and to stay ‘onside with the regulator’:
“The RNS below was released on the advice of our broker, due to back-to-back days w large SP increases.
It was drafted prior to BTC breaking 50k and was a cautious thing to do to stay onside with the regulator. We’re working hard to deliver for all shareholders.”
While some investors were frustrated that the announcement may have triggered stop losses, a number of investors seized upon the dip as shares bounced back from 205p to 240p.