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As expected, milking the weekend retail market to transfer more BTC into institutional hands (already 40% of stock by last week). Once that play is completed the same institutional hands will probably walk it back up to Friday’s level before the US markets open again.

With a bit of luck this leg of the game should be played out by tomorrow morning

I think the difficulty is that all this deramping seems to be about Bitcoin and not about Argo. This is an ARB BB not a BTC BB. Obviously there are periods when ARB has closely tracked BTC over short term movements and other periods when it has not. It’s an early growth blockchain company, it’s not a Bitcoin company. If there’s a debate then let’s have a debate about the company.

It’s nonsense

Relax, wouldn’t be surprised if Monday opening sees BTC pretty much where it was at Friday close, around €38k, then as bonkers says it’s a mini sprint to the wire as Friday 28 is date for IIs to be holding (if they haven’t picked up those shares already), monthly BTC options expiry same day for which the pressure will be upward to balance out the longs and shorts (if there are any still standing). I don’t think +$10k is out of the question Monday-Friday but of course no-one knows.

Or this...

"The State Grid in Sichuan's Aba county, one of the mountainous ares in the province that houses hydropower plants, issued a notice on May 16, requiring local energy-intensive enterprises to limit their power consumption as the province is currently facing a surging utility demand."
https://www.theblockcrypto.com/post/105464/bitcoin-hash-rate-sichuan-miner-power-limit

..sorry, that's old news from April :-)

According to local media it's caused by power outages in the region where many miners operate...

"The blackouts were necessitated because of a “comprehensive power outage safety inspection” in Xinjiang, per the Wu Talk report. Local news outlet Xinhuanet that the National Mine Safety Supervision Bureau has reported three recent coal mine accidents, including an April 10 “water penetration accident” in Xinjiang that caused 21 people to be trapped.

Significantly, the Xinjiang and Sichuan regions of China combined account for more than 50 percent of the overall Bitcoin mining hash rate,..."
https://www.nasdaq.com/articles/bitcoin-mining-hash-rate-drops-as-blackouts-instituted-in-china-2021-04-16

How do you calculate a P/E of 254? It's more like 10-20, which is pretty good for an early growth company with such high profit margin and zero debt. Anywhere below about 170p is a bargain.

@drlong - "There is no need for crypto currency!"

If you don't understand blockchain, or crypto, and you don't trust or like it, then why on earth are you here?

BTC is $38k and rising, usually it goes up at the weekend, next options expiries aren't until Friday, so it's more likely to be $40-50k by Monday

Why on earth would ARB open 20% lower on Monday morning if BTC is higher than it was at close on Friday (which it will be)?

Yes, in principle ARB should be a leverage on the upside of BTC and a hedge against the worst of the downside. We’ll have to wait and see if the market agrees.

Clearly blockchain is the future for both institutions and private transaction. Bitcoin might or might not be the strongest currency contender in that sector, who knows, at the moment probably it is. If that uncertainty troubles you then invest in a blockchain company rather than investing in BTC. Has the penny dropped yet?

I don’t know for sure but I had heard it was converted to BTC at the end of each day. That might have changed if the alternative was more attractive.

Short term, maybe $7.5 to $10k? For any sustained period more like $15-20k. But remember ARB is a blockchain company not just a Bitcoin miner, it’s been holding all its profits in BTC because that’s the strongest option but it doesn’t have to do that if the sector changes over time.

@HarChris - so you’re not invested here at all but you really want to invest in ARB but you aren’t prepared to do that unless it drops to 105p? Really? Surely the upside prospect outweighs the risk of missing your entry point? Surely you’d invest now to minimise that risk and tranche your way down the dip to lower your average. Either you want to be in or you don’t. Otherwise you’re just trolling to talk it down.

@highveld - you say BTC is a scam but but you’re happy to ramp Celo/Stellar ??

The news has been known for a while. The funds that have recently added ARB to their indices need to complete their buys before end of next week. They’re not going to wait til then and miss the low entry point. I expect you’ll see more tranches added over coming days.

Time Trade Prc Volume Buy/Sell Value
21-May-21 18:22:30 121.00 500,000 Buy* 605.00k O
21-May-21 18:13:18 125.00 250,000 Buy* 312.50k O
21-May-21 17:48:02 129.325 436,091 Buy* 563.97k O
21-May-21 13:12:11 125.00 250,000 Buy* 312.50k O
21-May-21 13:12:11 125.00 250,000 Buy* 312.50k O
21-May-21 10:55:23 125.00 250,000 Buy* 312.50k O
21-May-21 13:11:56 125.00 250,000 Buy* 312.50k O
21-May-21 13:11:56 125.00 250,000 Buy* 312.50k O
21-May-21 10:55:23 125.00 250,000 Buy* 312.50k O
21-May-21 10:53:27 125.00 250,000 Buy* 312.50k O
21-May-21 10:53:27 125.00 250,000 Buy* 312.50k O