People keep asking why the drop - some of us try and reply with some reasons - do some of you actually read the posts before spitting the dummy that your share has dropped in price and demanding a reason?
No wonder most of us have switched to Telegram rather than this board.
1. taking out a loan to pay for every day operations / texas/ 'other stuff' even though they just raised funds from a placing. Well personally this is much better than dilution so have no problem with it. I would not want to sell the HODL if they think btc is going up in price in the future. I can only assume it might be for chinese mining rigs - hope so. Also gives us a relationship with Galaxy Digitial - also good.
2. Pluto has postponed its IPO due to choppy crypto prices etc.
It says it will look again near the end of the year or when the environment would suit it better (it wants to get full value for its IPO and so ARB will want 25% of that too)
I think these two things have put a brake on an otherwise good day for btc price compared to other miners.
As is always the case - I'm sure over time it will even itself out and ARB share price will catch up - especially once we switch difficulty on Friday - July is going to be a mega month for the miners, btc price permitting.
The close price final uncrossing trade was 168p and it will be the opening price tomorrow - the reason it was this high was the volume was crazy in the auction. Google etc tend to show the last reported trade which may be a delayed trade but if you look later tonight it will revert to the Uncrossing trade of 168p
This gain recently and especially today is nothing to do with Nasdaq but everything to do with 4 ETF's that have to load up with Argo shares depending upon the weighting it has been allocated (we don't know yet) because they track the MSCI United Kingdom index. This index rebalances tonight and Argo is one of the new entrants.
it was musks tweet about miners NOT using enough green energy, subsequent FUD from China and others about shutting down miners due to use of coal etc that dumped the price of bitcoin in the first place (and hence Argos share price).
Why is it then a surprise that all this exposure around discussions on using more green energy etc would reverse that trend?
PW has played a blinder to be sitting at that table with a smug look on his face knowing hes already ticked all the boxes and the other miners there are playing catch up.