Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
However, Argo Blockchain may not make it as one of the top five in the coming year, according to Fidelity.
The UK arm of financial services company Fidelity Investments had reported that customers are more interested in trading shares of the world-leading crypto mining firm Argo Blockchain (LON: ARB). According to the report by Fidelity Investments, shares of Argo Blockchain are among the most raided stocks by Fidelity Investments customers over the last 12 months. Despite being a much younger and smaller company, the crypto mining firms stood strong among the top 5 most traded stocks by patrons of Fidelity Investments in 2021.
Argo Blockchain Is One of the Most Traded Five Stocks by Fidelity Customers
In a report published by Fidelity Investments on the 23rd of November, the company noted that shares of Argo Blockchain were the third-most actively traded by customers on the Fidelity platform in 2021. In its trading volume, Argo Blockchain exceeded oil industry BP (LON: BP) and Lloyds Banking Group (LON: LLOY). The other two stocks ahead of Argo Blockchain are Rolls-Royce (OTC: RYCEY) and International Consolidated Airlines Group (LON: IAG).
In the press release, Fidelity Investments wrote:
“Argo Blcockahin (ARB), the first crypto-mining service provider to gain admission to the main market of the London Stock Exchange through a standard listing, makes into the year-end top five. The company, based in the UK, which operates a global data centre providing a low-cost and consumer-friendly service for the mining of leading crypto-currencies, comes in at number three.”
However, Argo Blockchain may not make it as one of the top five in the coming year, according to Fidelity. The financial services company said that “new arrivals” pushed the crypto mining company off the ladder of actively traded stocks in December. The “new arrivals” include Boohoo Group, COVID-19 test manufacturer Genedrive, and engineering firm Smiths Group.
Argo Blockchain was one of the first crypto mining firms to list on the London Stock Exchange in 2018. Since then, the company has gradually expanded its operations. US residents gained more access to Argo Blockchain after the company went public on the Nasdaq in September.
Additionally, the company has begun the construction of a facility in West Texas. The construction is ongoing on a 320-acre land plot, positioned for “access to up to 800 [megawatts] of electrical power,” to mining BTC and the crypto assets.
Data highlighted on Agro’s website stated that the firm’s facilities in North America use 45 MW of electricity to generate over 1.6 exahashes per second of Bitcoin. At the end of the last month, Argo said it had generated 1,831 BTC, representing $93 million. The company also added that it held 2,317 BTC or “Bitcoin Equivalent,” about $118 million.
At press time, Argo Blockchain is trading at £97.50, increasing 0.52% in the last 24 hours. The company has grown 13.37% in the last five days, after jumping over 413% over the past year.