London-based cryptocurrency mining firm Argo Blockchain has significantly upgraded its 2019 second quarter forecast in light of the crypto market upturn. The news was reported by Alliance finance and stock market news agency for London South East on June 3.
Following news of Argo’s revised forecast, shares in the firm reportedly spiked 20% to 6.29 pence (around $0.08) during morning trading hours today. The firm has a market capitalization of £18 million (around $22.8 million), Alliance notes.
By the end of Q2 2019, Argo revealed it expects to generate 420 bitcoin (BTC) worth of crypto assets on its balance sheet. Based on bitcoin’s May 31 price of $8,575, this equates to roughly $3.6 million. The new estimate is 57% higher than Argo’s initial forecast, Alliance notes, and has ostensibly been revised upwards in light of bitcoin’s positive price performance this spring.
Argo’s first forecast for Q2 2019 had been published on May 8, but the firm has reportedly stated that the trading climate has been "significantly better than expected," making a revision necessary.