Shares of the mining company outperformed BP and Lloyds Banking Group to become one of the most commonly traded stocks by Fidelity members in 2021.
Customers were most interested in trading shares of crypto mining startup Argo Blockchain over the previous year, according to Fidelity Investments’ U.K. subsidiary.
Argo Blockchain scored third among the top five stocks most regularly traded by Fidelity users in 2021, according to a research released on Thursday. The others were Rolls-Royce, British Airways owner International Consolidated Airlines, oil giant BP, and Lloyds Banking Group. Argo, defined by Fidelity as a “trending” stock, was also ranked third among equities traded by Self-Invested Personal Pension, or SIPP, investors.
However, the financial services firm warned that Argo may not make the top five in the coming year. According to Fidelity, “new comers” such as COVID-19 test producer Genedrive, fast-fashion retailer Boohoo Group, and engineering firm Smiths Group pushed the mining firm off the list of most regularly traded equities in December.
Argo Blockchain, one of the first crypto mining companies to be listed on the London Stock Exchange in 2018, has progressively increased its activities. Argo became more accessible to US investors in September when it went public on the Nasdaq. Furthermore, the company is now building a facility on a 320-acre tract of land in West Texas, with the goal of having “access to up to 800 [megawatts] of electrical power” to mine Bitcoin (BTC) and other cryptocurrencies.
— Argo (@ArgoBlockchain) December 20, 2021
Argo’s North American facilities are presently consuming 45 MW of electricity to generate more than 1.6 exahashes per second of Bitcoin, according to data from its website. The corporation said that as of the end of November, it had generated 1,831 BTC and possessed 2,317 Bitcoin or “Bitcoin Equivalent” – around $93 million and $118 million, respectively, at the time of writing.
Argo shares are currently trading at $130.10 on the London Stock Exchange, having dropped more than 65 percent since reaching an all-time high of $380.96 in February.