![\"Publicly-Listed](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/11\/jjjet67900-768x432.jpg\")
<\/p>\n<\/p>\n
On Oct. 31, 2022, the publicly-listed bitcoin miner Argo Blockchain revealed the firm\u2019s attempt to obtain $27 million in a scheduled financing deal fell through. According to the company\u2019s October update, Argo said it did not believe the deal \u201cwill be consummated\u201d and now two market analysts have downgraded the company\u2019s shares.<\/strong><\/p>\n Bitcoin miners have been facing significant pressures as a couple of publicly-listed mining firms have faced financial hardships<\/a> and bankruptcies<\/a>. The recent mining difficulty all-time high<\/a> has not helped, and the fact that Bitcoin\u2019s hashrate price reached an all-time low,<\/a> it has crippled specific mining businesses.<\/p>\n Following the speculation surrounding mining companies like Compute North and Core Scientific, Argo Blockchain (Nasdaq: ARBK<\/a>) has given investors an unsettling update<\/a> concerning a $27 million financing deal that fell through.<\/p>\n \u201cAs previously disclosed, [Argo Blockchain] signed a non-binding LOI with a strategic investor to raise approximately \u00a324 million($27 million) via a subscription for ordinary shares,\u201d Argo\u2019s filing details. [Argo Blockchain] no longer believes that this subscription will be consummated under the previously announced terms. Argo is continuing to explore other financing opportunities.\u201d<\/p>\n Argo\u2019s shares, ARBK, have plummeted during the last 24 hours, losing 14.86% against the U.S. dollar by 1:22 p.m. (ET). Then the financial institution Canaccord Genuity slashed the shares<\/a> down to hold from buy, and Jefferies analysts\u2019 Bolor Enkhbaatar and Jonathan Petersen downgraded<\/a> the company\u2019s shares to a hold as well. Petersen told clients that if Argo was able to reduce the miner\u2019s debt it would bolster \u201csignificant flexibility in these volatile times.\u201d<\/p>\n At press time, ARBK shares are down to $0.95 and during the last six months, ARBK has lost 88.54% against the U.S. dollar. Year-to-date, the publicly-listed bitcoin miner Argo\u2019s stock is down 92.74%. Argo has been actively selling off bitcoin (BTC<\/a>) as it sold 887 BTC<\/a> in July and 637 BTC<\/a> in June 2022. In the October update, Argo further noted that it sold 3,843 new-in-box Bitmain S19J Pro machines for cash proceeds and to \u201cfurther maximize liquidity.\u201d<\/p>\nArgo Blockchain\u2019s $27 Million Financing Deal Falls Through, Stock Shudders, Wall Street Analysts Downgrade ARBK Shares<\/h2>\n
![\"Publicly-Listed](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/11\/argososdkk.jpg\" "\\"Publicly-Listed")
<\/p>\n