Fidelity Investments’ UK arm reported that over the last 12 months, customers were most interested in trading shares of crypto mining firm Argo Blockchain.
It has been reported that Fidelity said Argo Blockchain ranked third among the top five stocks most actively traded by its customers in 2021, the others were Rolls-Royce, British Airways owner International Consolidated Airlines, oil giant BP and Lloyds Banking Group.
However, Argo, which Fidelity described as a “trending” stock, also ranked third among stocks traded by Self-Invested Personal Pension (SIPP) investors. The financial services company hinted that Argo may not make the top five next year.
According to Fidelity, “new arrivals” knocked the mining firm off the list of most actively traded stocks in December, including COVID-19 test manufacturer Genedrive, fast-fashion retailer Boohoo Group, and engineering firm Smiths Group.
The report said that one of the first crypto mining firms to be listed on the London Stock Exchange in 2018, Argo Blockchain has steadily 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 constructing a facility on a 320-acre land plot in West Texas, aiming for “access to up to 800 [megawatts] of electrical power” to mine Bitcoin (BTC) and other cryptocurrencies. According to data from its website, Argo’s facilities in North America are currently using 45 MW of electricity to generate more than 1.6 exahashes per second of Bitcoin.
The company reported it had generated 1,831 BTC and held 2,317 Bitcoin or “Bitcoin Equivalent” — around $93 million and $118 million at the time of publication.
Thus, shares of Argo are currently trading on the London Stock Exchange at a price of $130.10, having fallen more than 65% since reaching an all-time high of $380.96 in February.