Bitcoin mining company Argo Blockchain completes approximately $5.32 million fundraising

ChainCatcher news, according to Coinspeaker, Bitcoin mining company Argo Blockchain announced on December 2 that it has completed a £4.2 million (approximately $5.32 million) financing by issuing 76.9 million new ordinary shares to an undisclosed institutional investor, at a price of 5.5 pence per share. This transaction was executed using a cashbox mechanism, bringing the total number of shares issued by the company to over 717 million.

The funds will be used to relocate or sell equipment at its Helios mining site in Texas, while maintaining ongoing operations at its Quebec site. Notably, the company reported a pre-tax loss of $38.8 million for the first three quarters of 2024, with mining profit margins dropping from 58% in the same period last year to 8%.