• Argo Blockchain (ARBK) shares rose 14% on Monday after the company regained listing compliance with Nasdaq.
• This was thanks to a late December deal with Galaxy Digital to avoid bankruptcy and the recent rise in the price of bitcoin.
• Argo had to meet the requirement of having bids for its stock remain above $1 for 10 consecutive days to regain listing privileges with Nasdaq.
Argo Blockchain, a bitcoin miner whose shares are listed on both the London Stock Exchange and Nasdaq, experienced a surge in its stock price on Monday as it regained compliance with Nasdaq listing rules. The miner had been notified by Nasdaq on Dec. 16 that its shares didn’t comply with the exchange’s rules due to the closing bid prices for its stock being below $1 for 30 consecutive days. The miner was given until June 12 of this year to regain its listing privileges with Nasdaq before potentially being delisted from the exchange.
However, the miner was able to regain its listing privileges much earlier than anticipated with the help of a late December deal with Galaxy Digital, a digital asset merchant bank, to avoid bankruptcy. Moreover, the recent rise in the price of bitcoin has also contributed to Argo’s share price increase. The miner’s shares rose as much as 14% on Monday after the company met the requirement of having bids for its stock remain above $1 for 10 consecutive days.
The listing of Argo’s shares on both the London Stock Exchange and Nasdaq provides the miner with access to a much larger investor base, which could potentially lead to an increase in the miner’s market capitalization. With the recent surge in its share price, Argo has also become a more attractive investment option for retail investors.
At the same time, Argo’s listing on the world’s two largest exchanges also highlights the growing acceptance of cryptocurrencies in mainstream finance. As more investors look to invest in digital assets, the miner’s listing on both the London Stock Exchange and Nasdaq could be seen as a sign of the increasing mainstream adoption of cryptocurrencies.