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Investing.com - H.C. Wainwright has reiterated its Neutral rating on Argo Blockchain ADR (NASDAQ:ARBK) following the company’s release of its first-half 2025 financial results. The stock, currently trading at $0.34, has shown significant volatility with a 30% surge in the past week, though it remains 70% below its year-ago levels, according to InvestingPro data.
The cryptocurrency mining company reported revenues of $6.3 million for the first half of 2025, down significantly from $29.3 million in the same period last year. This decline, primarily attributed to the loss of the Helios hosting site, reflects broader challenges facing the company, with InvestingPro analysis showing a concerning 57% revenue decline over the last twelve months and weak gross profit margins of 22%.
Argo Blockchain’s current mining fleet operates at approximately 1.25 Eh/s, hosted in Washington and Tennessee facilities. The company underwent a leadership change in March when Justin Nolan became CEO, replacing T. Chippas who stepped down in February.
H.C. Wainwright noted that Argo is pursuing a potential combination with Growler Mining that includes a recapitalization plan expected to convert $39.6 million in "baby bonds" to stock. The deal already included a $7.5 million upfront loan, with approximately $3.3 million drawn down as of September 30.
The potential transaction would give Argo access to infrastructure in Alabama, though specific details remain undisclosed pending completion of the recapitalization initiative, which is expected around December if it progresses as planned.
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