Why Is Argo Blockchain (ARBK) Stock Down 52% Today?
Argo Blockchain (NASDAQ:ARBK) stock isn’t doing so hot on Monday after the company revealed fundraising plans fell through.
The Bitcoin (BTC-USD) mining company said a fundraising deal for $27 million didn’t reach completion. The company was intending to raise these funds by selling shares of ARBK stock to a strategic investor.
Argo Blockchain is still attempting to raise funds in other ways though. That includes seeking out other fundraising deals with investors. It also sold 3,843 new in-box Bitmain S19J Pro machines. These were in the last batch that was set to be installed in October. It gained cash proceeds of $5.6 million from the sale.
Investor Confidence in ARBK Stock Is Shaken
News that Argo Blockchain is dealing with liquidity troubles isn’t helping embolden investors in the company. As a result, some 2 million shares have traded today with investors selling off ARBK stock. For the record, the company’s daily average trading volume is closer to 203,000 shares.
All of this comes as the crypto market has been through a rough year. An ongoing crypto winter has continued to keep tokens low with no sign of a turnaround. This has BTC hovering around the $20,000 mark since June, as compared to $44,000 in March.
ARBK stock is down 52.4% as of Monday afternoon and is down 92.5% since the start of the year.
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