The Argo Blockchain PLC (LON: ARB) share price rose 2.09% after releasing the results of its annual general meeting (AGM) on 30 June 2023. The company noted that while most resolutions were passed, the shareholders rejected the motion regarding the directors’ remuneration.
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Argo shareholders also did not give the company’s board the much-needed wiggle room to disapply pre-emption rights as was expected. Furthermore, the company noted that the vote to reappoint Matthew Shaw as a director had received fewer votes than expected.
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Still, the Bitcoin mining company has a lot going for it as Bitcoin prices hovered around the recent highs reached recently, after which a sideways trending pattern emerged and has been in place since then.
Argo Blockchain’s fortunes are inextricably linked to the Bitcoin price as a Bitcoin miner, and many investors are waiting for the company to release its June operations update, which should not be far off given that it is a monthly update.
Meanwhile, the outlook for Bitcoin remains uncertain as investors look forward to the world’s leading cryptocurrency continuing to trade sideways, with many fearing that it could drop lower before rallying higher.
Recent crypto market activities surrounding a spot Bitcoin ETF have rekindled investor optimism about the industry after Blackrock applied for a Bitcoin ETF with the US Securities and Exchange Commission (SEC).
Blackrock’s application was unique because it included a surveillance-sharing agreement with the Nasdaq Exchange, where the Nasdaq exchange shall monitor the spot Bitcoin prices. Other fund managers also rushed to include this critical aspect in the Bitcoin ETF applications.
Cathie Wood’s ARK Invest is considered a frontrunner in registering an ETF. However, the SEC has said it needs more information about the surveillance-sharing agreements outlined by the fund managers.Â
Still, the spot Bitcoin ETF applications have renewed investor hopes that once an ETF is approved, billions of funds will flow into the asset, causing it to rally to new highs. However, only time will tell whether the SEC will approve any pending ETFs.
*This is not investment advice.
Argo Blockchain share price.Â
The Argo Blockchain share price has risen 2.09% to trade at 11.74p, from Friday’s closing price of 11.50p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.