Argo Blockchain stock dips after reaching settlement with Celsius

Time:2022-01-02 Source: 1310 views Trending Copy share

By: Liz Kiesche

Argo Blockchain (NASDAQ:ARBK) stock slides 3.5% in premarket trading after the crypto mining company agreed to pay $6.32M to settle litigation with Celsius and terminate their Nov. 2, 2020 lease agreement.
As part of the settlement, Celsius transferred to Argo the title for Bitmain S19 Antminer S19 Pro mining machines covered by the lease. Argo (ARBK) also agreed to terminate its mining services arrangement with Celsius in return for a payment from Celsius to Argo in the form of bitcoin (BTC-USD).
Remaining terms of the resolution weren't disclosed.
In October, Argo Blockchain (ARBK) stock climbed after October mining revenue increased from September and the miner increased its mining capacity.

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