PANews reported on December 3rd that according to Coinspeaker, Bitcoin mining company Argo Blockchain raised 4.2 million pounds (about 5.32 million U.S. dollars) through share subscriptions, issuing approximately 76.9 million new ordinary shares at a price of 5.5 pence per share. The share subscription was carried out using a cash box mechanism. This innovative financing structure enables the company to issue shares efficiently without further shareholder approval. After this transaction, Argo's total number of issued shares has now exceeded 717 million shares.

An undisclosed institutional investor acquired a stake worth £4.2 million to support the company's operations and future plans. According to the announcement, the net proceeds of the transaction will be used for key initiatives. These initiatives include relocating or selling the company's mining equipment at its Helios facility in Texas. The miner is considering moving its 125,000 square foot mining facility in Dickens County to other locations after operating in the area for two years. Argo said it remains committed to maintaining its Bitcoin mining operations in Quebec, and the funds raised will also support the company's diversification into the high-performance computing (HPC) sector.