Welcome to our dedicated page for Argo Blockchain plc American Depositary Shares news (Ticker: ARBK), a resource for investors and traders seeking the latest updates and insights on Argo Blockchain plc American Depositary Shares 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 has released its operational update for December 2021, reporting a total of 214 Bitcoin mined, up from 185 BTC in November, leading to a total of 2,045 BTC for the year. December's mining revenue was £7.82 million (approximately $10.55 million), a decline from November's £8.29 million. The mining margin decreased to 83% from 86% in November. The construction of the Helios Mining Facility in Texas is on track for completion in the first half of 2022. Argo currently holds 2,595 BTC as of December 31, 2021.
Argo Blockchain has settled its litigation with Celsius, resolving mutual claims in a New Jersey federal court. The agreement includes the termination of a lease agreement initiated on November 2, 2020, with Argo paying $6,320,947.64 to settle financial obligations. In exchange, Celsius transferred ownership of Bitmain S19 Antminer S19 Pro mining machines to Argo. Additionally, Argo terminated its mining services agreement with Celsius, receiving payment in Bitcoin. Further terms of the settlement were not disclosed.
Argo Blockchain announced its operational update for November 2021, reporting the mining of 185 Bitcoin, up from 167 in October. Total Bitcoin mined year-to-date reaches 1,831. Revenue for November is £8.29 million (approx. $11.20 million), a growth from £7.24 million ($9.75 million) in October. The mining margin remains consistent at 86%. Argo's total mining capacity increased by 310 PH/s, reaching 1.605 EH/s. As of November's end, Argo holds 2,317 Bitcoin or Bitcoin equivalents.
Argo Blockchain has successfully closed its SEC-registered public offering of $40.0 million in 8.75% Senior Notes maturing in 2026. The offering yielded net proceeds of approximately $38.6 million. Proceeds will be directed toward general corporate purposes, specifically for the construction and acquisition of mining hardware for its Texas facility, and potential investments in complementary blockchain businesses. The Notes will commence trading on Nasdaq under the symbol ARBL.
Argo Blockchain announced significant transactions involving company executives on November 16, 2021. CEO Peter Wall purchased 7,100 ADRs (representing 71,000 Ordinary Shares) at $19.132 per ADR, increasing his total holdings to 1,116,000 shares, representing 0.24% of total voting rights. Meanwhile, Alex Gow acquired 40,000 Ordinary Shares at 132 pence each, bringing his total to 815,000 shares (0.17% voting rights). These insider purchases may reflect confidence in the company's prospects.
Argo Blockchain has amended its announcement regarding the pricing of its public offering of 8.75% Senior Unsecured Notes due 2026, now totaling $40 million. The corrected net proceeds from the offering are approximately $38.6 million. These funds will be allocated for general corporate purposes, including the construction and purchase of mining machines for a Texas facility. The offering is expected to close on November 17, 2021, with an option for underwriters to purchase an additional $6 million. The notes will potentially be listed on Nasdaq under the symbol ARBKL.
Argo Blockchain announced the pricing of its public offering of $40 million aggregate principal amount of 8.75% Senior Unsecured Notes due 2026. The net proceeds, approximately $38.6 million, will support general corporate purposes, including the construction of a new cryptocurrency mining facility in Texas and potential acquisitions. The offering is expected to close on November 17, 2021, with a 30-day option for underwriters to purchase an additional $6 million in Notes. The Notes received a "B" rating from Egan-Jones Ratings Company.
Argo Blockchain has announced the exercise of options for 1,000,000 ordinary shares at an exercise price of £0.07 each, resulting in gross proceeds of £70,000. Following the expected admission of these shares on or around November 12, 2021, the total number of ordinary shares in issue will rise to 468,082,335. These new shares will rank equally with existing shares. This announcement includes inside information relevant to shareholders.
Argo Blockchain has announced a proposed public offering of 8.75% Senior Notes due 2026, filing a registration statement with the SEC. The Notes will be offered in minimum denominations of $25.00. Proceeds from the offering will support corporate purposes, construction of a Texas cryptocurrency mining facility, and potential acquisitions in the blockchain sector. The Notes are expected to trade on Nasdaq under the symbol ARBKL. The offering received a 'B' rating from Egan-Jones Ratings Company.
Argo Blockchain reported a positive operational update for October 2021. The company mined 167 Bitcoin, increasing total year-to-date production to 1,646 BTC. October's mining revenue surged to £7.24 million ($9.75 million), up from £5.50 million in September, with a mining margin of approximately 86%. The company enhanced its capacity by adding 220 PH/s, totaling 1.295 EH/s. Additionally, Colleen Sullivan resigned from the board for personal career reasons, with no disagreements reported.
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