The 1 dollar bar – The NASDAQ lifts the suspension on trading the stock Argo Blockchain (ARBK), after its price recovered. The mining company’s finances suffered during the crypto winter last year. However, unlike Core ScientificArgo Blockchain avoided the bankruptcy. 2023 therefore begins with good news for the mining company.
Argo Blockchain’s stock price returns to NASDAQ
According to a January 23 filing with the DRYthe NASDAQ has again authorized the trading of the share from Argo Blockchain. On December 16, the stock exchange warned the mining company of the suspension of trading in its share, because the closing price of the latter remained below 1 dollarfor 30 consecutive days.
Argo Blockchain stock has once again met NASDAQ requirements, January 13. According to the SEC filing, the closing buy price of its stock has held steady at at least $1, for ten successive trading days.
>> 10% reduction on your trading fees? Sign up on Binance (commercial link) <<
After crypto winter in 2022, spring in 2023?
The action ofArgo Blockchain fell victim to the crypto winter last year. Between June and July, the company had to sell more bitcoin than it mined, to keep its cash flowing.
Its share price then recorded a 40% drop in October. In the following months, the situation worsened for crypto businesses, with the collapse of FTX putting markets even further into the red, including a Bitcoin (BTC) who went down under the $17,000.
In its quest for liquidity to weather the lingering bear markets, in December Argo Blockchain had to sell its Helios mining facility in Texas to Galaxy Digitalfor $65 million, in order to avoid bankruptcy. The company also took out a $35 million loan, secured by mining machines, from Galaxy Digital.
After a trying year 2022 for the company, Argo Blockchain’s stock can therefore once again be traded on the NASDAQ, whereas Bitcoin price has regained $23,000, and is currently up more than 37% since January 1. The course of theARBK stands at $2 at the time of writing, a far cry from its launch price of $15 in September 2021.
The fall in prices also affects miners. Take advantage of current market conditions to quietly accumulate Bitcoin. Register quickly on the Binance platform, THE absolute benchmark in the sector. You will save 10% on your trading fees by following this link (trading link).