Argo Blockchain shares fall 50% as Bitcoin miner faces negativ | Crypto ▪︎ Bitcoin ▪︎ Trading ▪︎ News
Argo Blockchain shares fall 50% as Bitcoin miner faces negative cash flow
Argo previously had plans to raise £24 million ($27 million) via a subscription deal with a strategic investor earlier in October. This deal was in addition to a $5.6 million inventory sale that involved selling 3,843 Bitcoin mining machines for cash. However, the company announced on Monday. With the proposed financing plan falling through, Argo says it is exploring other options. However, the news could have some negative implications for the company in the short term. “Should Argo be unsuccessful in completing any further financing, Argo would become cash flow negative in the near term and would need to curtail or cease operations,” the company stated.
