If there is one industry that has grown at a breakneck pace over the course of the past few years then it is the blockchain industry and it is no surprise that investors are increasingly looking for options in that sector.
One of the companies from the sector which was in considerable focus yesterday was Argo Blockchain PLC (OTCMKTS:ARBKF), following a key announcement from the company. The company announced yesterday that it sent in a confidential registration statement to the United States Securities and Exchange Commission. The registration statement is related to the company’s aim of having a dual listing and eventually conducting an initial public offering of its American Depository Shares.
The news came as a major source of excitement among many investors and the Argo Blockchain stock ended up recording gains of as much as 28%. The company is currently listed in London and in its announcement yesterday, Argo Blockchain also noted that the specifics of the American Depository Shares are yet to be worked out. The company is currently working on coming to a decision with regards to the pricing and the number of shares that it wants to list. Argo expects to start trading in the United States at some point in the third quarter.
Market Reaction:
On Wednesday, ARBKF stock skyrocketed 28% at $1.55 with more than 807k shares, compared to its average volume of 888K shares. The stock had moved within a range of $1.3500 – 1.5700 after opening the trade at $1.35. Over the past 52-week, the stock has been trading within a range of $0.9000 – 4.6500.
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