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Argo Blockchain Shares Surge 110% on US Venture Market Dual-Listing

Simon Mugo trader
Updated 29 Dec 2020

Practice Stock Trading
Argo Blockchain logo

Shares of Argo Blockchain PLC (LON: ARB) today surged 110% after the company announced that it has applied for dual-listing on the US OTCQB Venture Market to trade under the ticket ARBKF.

The crypto mining company wants to capitalise on the rising popularity of cryptocurrencies as Bitcoin trades at new all-time highs and investors flock to the industry as they fear missing out on future gains.

Peter Wall, Argo Blockchain’s CEO, said: “We want to make Argo available to US markets in order to gain access to a broader investor base and enhance our visibility in North America. We are already trading on OTCPK and we anticipate a full OTC listing with wider investor reach in the coming days.”

Bitcoin’s recent rally has shifted investor sentiment towards cryptos to extremely bullish as the asset class continues to soar.

Argo Blockchain recently reported higher than expected crypto mining revenues as its monthly miming margin rose to 57% in November as compared to the 40% recorded in October. The firm’s revenues also rose to £1.48 million versus the previous figure of £1.2 million.

Investors cheered today’s announcement given that US equity markets are much larger than their UK counterparts and US investors are generally regarded as being more sophisticated than their British counterparts.

Argo Blockchain share price

Tradingview chart of Argo Blockchain share price 29122020

Argo Blockchain shares surged 110.5% to trade at 40p having rallied from Thursday’s closing price of 19p.

Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading