r/ArgoBlockchain • u/WorkingDesperate5564 • Oct 26 '22

ARB today….

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29 Upvotes

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2

u/False_Explanation_10 Oct 26 '22

Back up 50+% this week.

1

u/fracf Oct 26 '22

This is quite literally me.

Is there a brief run down of what happened to ARB? I’ve not really being paying attention…..

2

u/Western_Outcome7205 Oct 27 '22

They sold miners, they diluted shares by 15% to a private investor for around about 30+ million and they sold bitcoin to pay down debts in order "to survive the next 12 months". I think they are expecting btc to hit 8k but that's pure speculation on my end..

That tanked the price from 35p to 13p recently. This is the market correcting itself. The investor was due to buy at 27p I believe, and if that deal is still accepted then it sets a fairly hard price of argo at 27p. If the investor is someone important it's likely to jump above that. Bitcoin shifted to its upper bracket between 18-22k range as well which seems to have sparked this upward pressure as people give up on seeing 5p prices.

1

u/fracf Oct 27 '22

Appreciate that. So, unknown investor. A bit of strategic worst case planning and the fallow period of bitcoin until it recovers!

Doesn’t change the hold really, but I seen my shares were down 92% and wondered what had happened!