Bitcoin miner Argo Blockchain halts trading of its shares on NASDAQ

Argo Blockchain, a publicly traded bitcoin miner, plans to suspend trading of its shares on the NASDAQ for the time being, promising investors a major announcement in January.

Bitcoin mining firm Argo has asked NASDAQ to pull its shares off the market as of January 4th. The publicly traded crypto firm also announced that it will release important information With respect to its performance before the start of the trading session on that day.

Part of the larger announcement, according to Argo’s release, will showcase the startup’s financial health, business roadmap, plans and goals for its future operations.

Plans to recover from its current financial predicament include large-scale restructuring and equipment economic deals to balance its financial statements and increase liquidity to keep the firm afloat. The company is in dire need of funds as it faces challenges such as rising energy costs due to inflation. The bear market has also sent bitcoin prices trading below $20,000, Bitcoin is the most prominent crypto asset held by the company.

Argo Blockchain Stock Suffers From Bear Market

The announcement is emblematic of how the crypto sector has been affected by the ongoing bearish sentiment fueled by the decline. ftx exchange and its associates.

Argo shares have plunged more than 95% in less than 12 months as investors reacted to the uncertainty surrounding the future of cryptocurrencies and blockchain technology over increasing restrictions from regulators around the world.

in public statement On 12 December, on the website of the London Stock Exchange, Argo claimed that it was in financial turmoil which significantly limited its operations. The document also mentioned that Argo was planning to liquidate some digital assets to third parties in order to pull itself out of an impending collapse (Chapter 11 bankruptcy filing) seen by other institutions this year.

On December 13, the company started again Its trading on the London Stock Exchange was halted by Argo due to its financial challenges. The company has not yet filed for bankruptcy protection. However, it inadvertently published draft documents that gave the impression of imminent collapse.

A prominent Twitter user named Will Foxley posted on the social platform a screenshot of the firm’s website along with a draft document indicating that the company was going under receivership.

This year has brought a series of difficult situations for crypto-savvy investors. Most cryptocurrencies have declined further from their all-time highs recorded at the peak of the late 2021 bull market.

Crypto winter has not only affected crypto prices. ecosystem like terra-luna collapsed, Wiped out billions of dollars of investors’ cash. Citing the intense volatility of the market, firms such as BlockFi, Celsius, Voyager Digital and Three Arrows Capital filed for Chapter 11 bankruptcy. Even though the tough times are yet to come, investors are expecting a rally in the market to start the new year.

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