focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Couple of 500k trades going through in past few mins - maybe thats some of the placing churn going through?
All eyes on the ETF news now I think , bitcoin reaction and subsequent sector move - probably less than 48 hours to wait now.
Argo is ~3.30 in the US right now - an hour or so ago it was under $3 - thats a 10% swing - see how quickly ALL the miners start to move once the btc FOMO kicks in - and thats with btc $46.5k... imagine 50k incoming this week? .... you can see why an institution would buy the placing shares .....
Bitcoin 45.3k and slowly creeping up - FOMO will start to kick in soon - exciting times next few hours and days
Nasdaq Tech up 1% in the US
Bitcoin hovering around $45k
At the open all the US bitcoin related stocks and miners all dropped from pre market green to considerable open red.
I genuinely cannot see how ANYONE can predict whats happening / going to happen here :-)
Openheimer - do calm down.
1. The placing is ALREADY done - read the RNS
2. The dilution to the full float is just over 7% - so only 7 % of the float was discounted from 27p fridays close to 20.5p for the raise.
3. The whole btc spot ETF will hopefully be approved today or by 11th latest - if its not approved EVERYthing BTC related will be a bloodbath short term. Still looking ike 90% chance of approval though - not long to wait now.
4. although Argo 'may' have got a better price its done now and they have wiggle room for a good few months - in which time anything could happen with bitcoin price to the upside.
IMHO we all knew this was coming - it could have been a lot worse.
8 January 2024
Argo Blockchain plc
("Argo" or "the Company")
£7.8 million ($9.9 million) Placing
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB;
NASDAQ: ARBK), is pleased to announce it has raised, subject to Admission,
gross proceeds of £7.8 million ($9.9 million) by the issue of 38,064,000 new
ordinary shares of £0.001 each in the Company ("Ordinary Shares") at a price
per share of £0.205 to certain institutional investors (the "Placing"). The
Placing price represents a discount of approximately 1 per cent to the 30
trading day VWAP of the Company's existing ordinary shares for the period
ended on 5 January 2024, and a discount of approximately 24 per cent to the
closing mid-price of the Company's ordinary shares on 5 January 2024. The new
Ordinary Shares being issued represent approximately 7.06 per cent of the
existing issued ordinary share capital of the Company prior to the Placing.
The net proceeds of the Placing are expected to be used by the Company for
working capital, the repayment of indebtedness, and for general corporate
purposes. The Placing is limited to those certain institutional investors that
have already subscribed and this announcement should not be considered an
offer or solicitation to purchase or subscribe for securities in the United
States.
The new Ordinary Shares will rank pari passu with the existing Ordinary Shares
in issue and application will be made for the new Ordinary Shares to be
admitted to the Official List and to trading on the Main Market of the London
Stock Exchange PLC. Admission is expected to occur, and dealings in the new
Ordinary Shares commence, on 11 January 2024.
Jan 8 - Argo Blockchain PLC ARB.L :
* ARGO BLOCKCHAIN PLC - DURING MONTH OF DECEMBER, COMPANY
MINED
155 BITCOIN, OR 5.0 BITCOIN PER DAY
Source text for Eikon: ID:nRSH8690Ya
Further company coverage: ARB.L
((Reuters.Briefs@thomsonreuters.com;))
If you think that Openheimer then sell out and do us all a favour and take a break from this forum
Https://www.coindesk.com/policy/2024/01/03/bitcoin-spot-etf-proposals-to-be-rejected-by-sec-matrixport/
Matrixport started this with their news - link above.
Openheimer - you seem totally out of your depth here - at the very least just don't post or take a break or something until we have confirmation one way or the other on the ETF approval - until then you are just guessing, as are we and it seems you are not handling it too well that we cannot give you answers.
If the ETF has been rejected this all has a lot more to drop in the short term HOWEVER if this is just an attempt to dump the price of bitcoin ready for the institutions to load up on the cheap before seeding the ETF's - then just hold on for the rebound. Would not surprise me at all if it was the latter...
Good obviously - not goof - or could this be bad rumours/ manipulation causing a tree shake in bitcoin... time will tell.
Bitcoin really tanking here - does not bode well...
If you are looking at the bitcoin price / Arb price ticking up and down and living it every second you are going to age very quickly. I was like this last time (and am fighting the urge this time) and take it from me it wrecks your health. Unless you are day trading, try and look at daily movements at the very least - but really this is going to play out over weeks and months.
Certainly any current moves in bitcoin and ARB are going to get massively superseded very shortly with the yes/no decision on the ETF so really its pointless looking.
Its very likely a lot of people will sell the miners and buy the bitcoin ETF instead if its approved. Many just want easy bitcoin exposure (which is why I think the ETF will explode after some time if/once approved) and dont really want the leverage that comes with the miners - especially with the halving coming up.
It should be noted though that although the halving will impact all the miners, many of the smaller ones might have to cut back if its not cost effective to mine or even go out of business - in which case difficulty will drop for the 'last man standing' - another reason to maybe spread the risk into the bigger miners as we approach April...
Bear in mind the US miners all dumped big time last week , probably related to tax loss selling, since then bitcoin has jumped over 5% and they are all barely up today - ARBK in the US is actually probably doing the best out of all of them. It also did not dump as much last week either - so look on the bright side.
Also every man and his dog have been telegraphing bitcoin will jump when/ if the etf is approved and news of that may come out as soon as tomorrow - but if it was that easy to make money - everyone would be buying heavy now- so again don't get disappointed if everything does not moon when and if the etf announcement is made (although expect it to crater if its rejected again)
ARBK in the US is doing surprisingly well today - back to $4 now - only slightly down compared to the other miner carnage .
I wonder how much of this is due to year end selling after a fantastic run up or the drop in bitcoin?
To be honest the drop in bitcoin is a minimal percentage compared to the miner carnage right now. I think the options expiry is out the way now also unless this is the reason its dropped under $42k. If it is due to bitcoin dropping then imagine what will happen if bitcoin jumped $10k.... but more likely the former.
Can I say from bitter experience that you will NEVER win against a sociopath/narcissist/control freak (take your pick) or anyone that is hell bent on getting their point across or dominating a conversation. I always wondered what would happen if one was on a jury - Im sure they would go against the majority just for the battle and once they pummel everyone else into submission they will change their mind just so they can do it again :-)
Im not specifically pointing the finger at anyone on here but you can make your own mind up. It can be a bull or a bear btw but to say these people are insidious and dangerous is a huge understatement.
If you think you have identified one - simply do not engage as that is exactly what they live for - and they don't care if its positive or negative - they cannot help themselves - they have to win at all costs and the attention is a smack of dopamine every single time they bait you into engaging with them. If they can upset you then thats a real win for them.
Please bear that in mind when dealing with these types of people and you will save yourself a lot of angst and frustration.