According to CoinDesk, two investment banks downgraded their stock ratings on Bitcoin mining company Argo Blockchain, among which investment bank Canaccord Genuity downgraded its rating from buy to hold and set the target price of the company's American depositary shares (ARBK) from $10 down to $1. Jefferies downgraded Argo to hold from buy and cut its price target to $1.10 from $13. Foresight News previously reported that Argo Blockchain, a bitcoin mining company, stated at the end of October that its $27 million financing plan had failed.