Share this article
Crypto Miner Argo Blockchain Raises $7.5M in Share Sale; Stock Slumps
Proceeds from the private placing and public sale will be used to pay down debt.
Updated Jul 19, 2023, 8:31 a.m. Published Jul 19, 2023, 8:07 a.m.
Cryptocurrency miner Argo Blockchain (ARB) has raised 5.7 million British pounds ($7.5 million) through the sale of new shares.
The sale comprised a private placing that raised 5.134 million pounds and a public sale that raised 616,000 pounds, the London Stock Exchange-traded company said Wednesday. The funds will be used to reduce the company's outstanding debt. Argo said prior to the sale it had 59.1 million pounds of debt outstanding.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The number of shares sold represent about 12% of the company's pre-sale market cap at price of 10 pence per share, a discount of around 14% to the 30-day volume weighted average price (VWAP) of Argo stock.
In April, the London-based company reported a full-year net loss of 194.2 million pounds compared with net income of 30.8 million pounds the year before, reflecting the sharp drop in the value of bitcoin during the previous 12 months, as mining firms across the industry struggled to stay afloat.
Argo avoided the fate of bankruptcy that befell some of its peers by agreeing to sell its Helios mining facility in Dickens Country, Texas, to Galaxy Digital for $65 million. It also agreed a $35 million loan from the Michael Novogratz crypto-focused financial-services firm, secured by its mining equipment.
ARB shares are down more than 20% at 10.74 pence at the time of writing.
Read More: Next Bitcoin Halving Event Could Be a Stress Test for Miners: JPMorgan
UPDATE (July 19, 08:31 UTC): Adds size of Argo's debt in second paragraph, sale price of shares in third.
Más para ti
Lo que debes saber:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Más para ti
Digital Wealth Partners introduces algorithmic XRP trading for qualified retirement accounts
The wealth advisory firm enlisted the help of crypto-based algorithmic trading firm Arch Public to create the strategy.
Lo que debes saber:
- The XRP algo trading strategy comes with insured custody at Anchorage Digital within tax-advantaged retirement account structures.
- The strategy operates through a separately managed account (SMA) structure that keeps each client's assets distinct and identifiable.
Top Stories
