Argo Blockchain among the most traded stocks by Fidelity clients in 2021

The U.K. arm of financial services firm Fidelity Investments has reported that clients have been most interested in trading shares in crypto mining firm Argo Blockchain over the past 12 months.

In a report on Thursday, Fidelity said Argo Blockchain ranked third among the five most-traded stocks by customers in 2021, the others being Rolls-Royce, British Airways ) owners International Consolidated Airlines, oil giant BP and Lloyds Banking Group. Fidelity calls Argo a "trend stock" and is also the third-largest stock traded by SIPP (Self-Invested Personal Pension) investors.

However, the financial services firm hinted that Argo may not break into the top five next year. Fidelity said "newcomers" knocked the mining company off its list of most actively traded stocks in December, including coronavirus testing equipment maker Genedrive, fast fashion retailer Boohoo Group and engineering firm Smiths Group.

One of the first crypto mining companies to list on the London Stock Exchange in 2018, Argo Blockchain has steadily expanded its operations. In September, Argo went public on Nasdaq, making the company's shares more accessible to U.S. investors. Additionally, the company is currently building a facility on a 320-acre property in West Texas designed to "harvest up to 800 megawatts of power" to mine bitcoin and other cryptocurrencies.

According to data on its website, Argo’s facilities in North America currently use 45 megawatts of electricity to generate more than 1.6 EH/S of bitcoin hashrate. As of the end of November, the company reported that it had generated 1,831 bitcoins and held 2,317 bitcoins or “bitcoin equivalents” — roughly $93 million and $118 million, respectively, as of this writing.

Argo's shares are currently trading at $130.10 on the London Stock Exchange, having fallen more than 65% since hitting an all-time high of $380.96 in February.

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