Member Info for Jammysparrow

Nice to see Nasdaq higher in pre-trading again.

I think Friday might have been the inflexion point for arbk.

1. Volume had been decreasing in the days running up to it, I think driven by sellers losing steam.
2. Almost matched the highest daily close since the ipo. I think it will surpass it today.
3. Friday was the first day I can recall where it didn't dip significantly below the previous close.

I think Nas will continue the momentum today and carry the LSE price higher with it.

Any shorters on here can have a lovely weekend planning for Monday morning

That's not the first one Kev, there was a 9,000 adr purchase a couple of days back too. Someone building a position for sure

My understanding is that they are both correct. 40 days quiet period for brokers involved in the ipo. 25 days for all other brokers.

In fairness to argo, the mcap had previously been correct on nasdaq and they are not responsible for the figures that nasdaq publish.
No-one on here knows that argo didn't contact nasdaq immediately to request remediation.
So the embarrassment is nasdaq's not argo's.
I know people are angry with pw at the moment but let's have some perspective about what is and isn't within his control.
Eg he isn't responsible for pi's getting excited and the price pumping between the listing announcement and the ipo.

Notice that the volt sec filing specifically mentions foreign investments through ADR's. Hopefully a sign that Argo is on the list

Watch it, some fudder will probably publish a story about BTC encouraging binge drinking. :)

Yep, for a second I got excited. Probably just showing tomorrow's price...

Up ticks the price. Are we going to see some Nasdaq action this afternoon maybe....

Don't see the stress in the wording of the rns personally. I think it is Bitmain policy now to deliver monthly installments of machines now to manage customer expectations. Recent news on their website stated September orders would be delivered in Q2/3 2022.

Other positives I'm taking:
Clearly able to communicate in quiet period
Miner orders sound like they're on time

So hopefully update on current mining capacity in monthly update next week

Whoop!

https://www.nasdaq.com/market-activity/stocks/arbk/pre-market

Looking good at the mo

@ Sky Monkey - nothing wrong with a bit of reflection. I bet some people who got stung earlier in the year when it spiked got stung again this time. I've been there and done it before.

Not that it matters - this will be going up in the medium term so I have no doubt we'll top £1.70 again.

Hexam - I can't deny there is a lot of bad feeling, I just think the bad feeling has been overblown because people got overexcited and FUD merchants have used an unrealistic comparison to attack PW/the IPO.

I'm not an expert in corporate fundraising so I couldn't tell you what the ideal placement price should have been. I'm sure Argo engaged appropriately and had sufficient internal/NED experience to make the offering attractive to the right investors whilst maximising funds raised. IF that meant offering a discount to the price before the listing was announced then it is what it is. As someone said, water under the bridge.

Assuming they didn't need $112m immediately to pay for Texas I am sanguine about them investing some in BTC temporarily. Any company should have a treasury policy to maximise the returns on cash balances. Don't see a problem with BTC being part of the investment strategy.

The pre-IPO share price was not in PW's gift. If investors had spunked so much cash on ARBKF after the 13th that it pushed the price to $10/share would it have been incumbent on PW to force II's to pay $100/ADR in the IPO?

I don't think II's buying into the IPO would have based their analysis on how frothy PI's got about being on Nasdaq.

Bitty looks like it might be about to play it's part. Appears to have broken out of the downward channel on the 1 hour chart this morning and a bit of a push might get us out of the wedge on the 1 day chart too. In which case hopefully heading up again.

Hopefully, although he has stated he's not into trading BTC, PW will have invested some of the raise in BTC at the currently depressed price and then we can turn a nice profit on that before the cash is needed for Texas too.

Lots of people obviously giving PW a lot sh*t for the way the IPO was handled and the pricing of the offering but I'm not so sure it was that far off the mark.

He raised a decent amount of cash to kickstart Texas against a background of a declining BTC price. I don't remember him saying that Nasdaq was going to triple the price of existing shares but everyone acts as though he promised to make us all rich. PW doesn't have any control over the market's reaction to the IPO announcement and the expectations some people put on the future share price.

From what I can see the closing share price on 13 September (day before the listing RNS) was £1.31 and BTC was about $44,500. This morning at open BTC was about $42,500 so, ignoring Nasdaq and everyone's hype about what it would do to the share price, I'd expect the price to be around £1.25. Not that far off the opening price being paid this morning.

The problem here seems to have been everyone's expectations that Nasdaq was going to lead to parabolic share price growth when what it has done is get us the funds for building Texas. Not a popular opinion I accept!

Don't know about canaries, Pearls seems to have turned into a parrot

Fundamentals haven't changed here. Mcap based on P/E still way in excess of current mcap.
Bitty moving up again.
All good in the hood