The UK arm of financial services company Fidelity Investments reported that over the past 12 months, clients were more interested in trading shares of crypto mining company Argo Blockchain.
In a report Thursday, Fidelity saying Argo Blockchain ranked third among the top five stocks most actively traded by its clients in 2021; the others were Rolls-Royce, the owner of British Airways International Consolidated Airlines, the oil giant BP, and the Lloyds Banking Group. Argo, which Fidelity described as a โtrendingโ stock, also ranked third among shares traded by investors in Self-In Investment Personal Pension, or SIPP.
However, the financial services company hinted that Argo might not be in the top five next year. According to Fidelity, "newcomers" removed the mining company from the list of top-traded stocks in December, including COVID-19 testing maker Genedrive, fast-fashion retailer Boohoo Group and engineering firm Smiths Group.
Argo Blockchain, one of the first cryptocurrency mining companies to be listed on the London Stock Exchange in 2018, has constantly expanded its operations. Argo became more accessible to US investors through a public listing on the Nasdaq in September. In addition, the firm is currently building a facility on a 320 acre site in West Texas, aiming for "access to up to 800 [megawatts] of electrical energy โto extract Bitcoin (BTC) and other cryptocurrencies.
Helios update!
Our Head of Design and Construction, Matt Nackino, walks us through an update on where things are with the construction of our facility at Helios. #ARB $ ARBK pic.twitter.com/cdzzcd9v4b
- Argo (@ArgoBlockchain) December 20, 2021
According to data on its website, Argo's North American facility currently uses 45 MW of electricity to generate more than 1.6 exahashes per second of Bitcoin. At the end of November, the company reported had generated 1,831 BTC and held 2,317 Bitcoin or "Bitcoin Equivalent," roughly $ 93 million and $ 118 million at press time, respectively.
Related: Argo Blockchain Mines Record 597 BTC During Q3 2021
Argo shares are currently trading on the London Stock Exchange at a price of $ 130.10, having fallen more than 65% since hitting an all-time high of $ 380.96 in February.
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