Argo Blockchain (LSE: ARB) shares have experienced a nasty sell-off recently. Last week, Argo’s share price fell as low as 115p. That’s about 66% below the stock’s all-time high of 340p, achieved in February. Over a year, the stock is still up about 3,000% however.
Personally, I’m not surprised by the recent share price fall. When I covered the stock in February, I wrote that the company’s market-cap of £850m+ – which equated to around £1.7m per Bitcoin held – looked “too high”. More recently, in April, I said that Coinbase’s arrival on the stock market may impact demand for the stock.
Has the share price fall changed my view on the stock? Let’s take a look at the investment case now.
Argo Blockchain continues to grow
Recent news from Argo Blockchain has been encouraging. For example, in Argo’s full-year 2020 results, posted on 9 April, the company reported revenue of £19m, up 120% year-on-year. It also reported a net profit of £1.7m, versus a £0.7m net loss in 2019. During the year, the group mined 2,465 Bitcoins. That represented an 85% increase on the…
