Welcome to our dedicated page for Argo Blockchain Plc news (Ticker: ARBK), a resource for investors and traders seeking the latest updates and insights on Argo Blockchain Plc stock.
Argo Blockchain plc is a leading blockchain technology company specializing in large-scale cryptocurrency mining. Dual-listed on the London Stock Exchange (LSE: ARB) and NASDAQ (ARBK), Argo operates state-of-the-art data centers in Quebec and Texas, which are powered predominantly by renewable energy. With a mission to make cryptocurrency mining accessible and efficient for everyone, Argo offers a user-friendly platform that enables customers to mine Bitcoin, Ethereum, and other altcoins directly from their computers or mobile devices. Argo's platform provides seamless access to its high-performance mining rigs, ensuring that users can engage in crypto-mining with just a click and a transparent monthly fee.
In recent developments, Argo has made significant strides in optimizing its operations and strengthening its financial position. The company recently sold its Mirabel, Quebec data center for $6.1 million, which enabled it to reduce its debt significantly. The mining machines from the Mirabel facility were successfully relocated to Argo's Baie Comeau facility, further streamlining operations and reducing non-mining operating expenses by approximately $0.7 million per year.
Argo's commitment to sustainability is evident as it became the first climate-positive cryptocurrency mining company in 2021 and a signatory to the Crypto Climate Accord. The company's operations prioritize environmental sustainability, leveraging hydroelectric power in Quebec and renewable sources in Texas.
Financially, Argo has shown resilience and growth even amidst market volatility. The company reported a 5% increase in daily Bitcoin production in March 2024 and achieved a monthly mining revenue of $7.0 million. The company’s net loss for Q1 2024 was $3.2 million, but it demonstrated strong revenue performance with $16.8 million, and a 4% increase compared to Q4 2023. Additionally, Argo has consistently reduced its debt, lowering the balance to $12.8 million as of March 2024, achieving a 63% reduction from the original debt amount.
With a focus on financial discipline, operational excellence, and strategic partnerships, Argo continues to explore opportunities to pair mining with stranded or wasted energy, aiming to optimize renewable energy usage. As the company navigates the evolving cryptocurrency landscape, it remains dedicated to delivering value to its shareholders and maintaining its leadership position in the industry.
Argo Blockchain PLC has released its six-monthly block listing return for the period from August 16, 2024, to February 14, 2025. The report details the status of warrants under their block listing scheme. The balance of unallotted securities from the previous return was 31,406,429. During this period, there were no new increases to the block scheme and no securities were issued or allotted. As a result, the balance of securities not yet issued/allotted at the end of the period remains unchanged at 31,406,429.
Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has announced significant insider buying activity by Jim MacCallum, the company's Interim Chief Executive Officer and Chief Financial Officer. Between January 29-30, 2025, MacCallum purchased a total of 75,000 American Depositary Receipts (ADRs) in three separate transactions:
- 25,000 ADRs at US $0.4550 per ADR
- 25,000 ADRs at US $0.4600 per ADR
- 25,000 ADRs at US $0.4700 per ADR
The aggregate weighted average price was US $0.4617 per ADR, representing a total investment of approximately US $34,627.50.
Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has secured a hosting arrangement with Merkle Standard to host 5,293 S19J Pro miners at their Memphis, Tennessee location, with deployment scheduled for February under a minimum one-year term. Additionally, 2,500 S19J Pro miners will be hosted at Argo's Baie Comeau, Quebec facility.
The miners, previously hosted at Helios, are being refurbished and converted from immersion-based to air-cooled systems, with completion expected by March end. February shipments are planned to both Merkle and Baie Comeau locations. Once these deployments are complete by February end, approximately one-third of the 23,000 miners previously at Helios will be operational.
The company expects its hashrate to gradually increase during February as the refurbishment process continues. Discussions are ongoing with Merkle for potential expansion and with other parties for hosting the remaining miners.
Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has announced that CEO Thomas Chippas will step down from his positions as Chief Executive Officer and Director, effective February 28, 2025. The company plans to engage an executive search firm to select a new CEO and will provide market updates accordingly.
In the interim period, current Chief Financial Officer Jim MacCallum has been appointed as interim-CEO. Board Chairman Matthew Shaw acknowledged Chippas's significant contributions to Argo, particularly highlighting his role in the early repayment of the Galaxy loan and improvements to the company's balance sheet.
Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has received a notification from Nasdaq indicating non-compliance with the minimum bid price requirement, as its American Depositary Shares (ADS) traded below $1.00 for 30 consecutive business days.
The company has until July 15, 2025, to regain compliance with this requirement. Compliance can be achieved if the ADS bid price closes at or above $1.00 for a minimum of 10 consecutive business days before the deadline. During this period, Argo's ADSs will continue trading on the Nasdaq Global Select Market.
The notification does not affect Argo's business operations or its listing on the London Stock Exchange. The company will monitor its ADS bid price and evaluate options to resolve the deficiency and regain compliance with Nasdaq Rule 5450(a)(1).
Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has released its operational update for December 2024. The company maintained its Bitcoin mining rate at 1.3 BTC per day, producing a total of 39 Bitcoin during the month. Mining revenue increased to $3.9 million from November's $3.4 million, attributed to higher hashprice and BTC price.
The company reported holding two BTC equivalent as of December 31, 2024. Additionally, Argo's hosting agreement with Galaxy concluded on December 28, 2024. The company's 23,619 S19J Pro machines from the Galaxy site will undergo refurbishment for air-cooled facility compatibility, with Argo currently evaluating alternative hosting locations.
Argo Blockchain has released its operational update for November 2024. The company mined 39 Bitcoin during the month, averaging 1.3 BTC per day, which represents a decrease from 46 BTC mined in October 2024. Despite the lower mining output, monthly revenue increased to $3.4 million from $3.0 million in October, attributed to higher hashprice and Bitcoin price realized during November. The company reported holding three BTC equivalent as of November 30, 2024.
Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has secured £4.2 million through a subscription of 76,900,000 ordinary shares at 5.5 pence per share. The funds will support strategic initiatives, including the potential relocation or sale of mining equipment from the Helios facility in Texas, maintaining Bitcoin mining operations in Quebec, and exploring diversification into high-performance computing (HPC). The subscription will be executed through a cashbox mechanism, with the shares ranking pari passu with existing ordinary shares. Following the subscription, Argo will have 717,250,353 ordinary shares in issue.
Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) announced the vesting of Performance Share Units (PSUs) for 2,375,000 Ordinary Shares to CEO Thomas Chippas under the Company's 2022 Equity Incentive Plan. Following this vesting on November 27, 2024, Chippas will own approximately 0.37% of the company's issued share capital. The company's total Ordinary Shares in issue will be 640,350,353, which shareholders can use as the denominator for calculating their interest notifications under FCA Disclosure Guidelines.
Argo Blockchain reported Q3 2024 financial results with revenue of $7.5 million, down from $10.4 million in Q3 2023. The company mined 123 BTC during the quarter (1.3 BTC per day). Mining margin decreased to 8% from 58% year-over-year. Net loss was $6.3 million, improving from $9.9 million loss in Q3 2023. The company ended Q3 with $2.5 million cash and 4 BTC, while reducing debt by $12.4 million. Post-quarter, a class action lawsuit was dismissed, and Argo entered discussions for HPC hosting expansion at Baie-Comeau facility. However, Galaxy informed non-renewal of hosting agreement at Helios beyond December 2024.
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