The
publicly listed Bitcoin (BTC) miner from Wall Street (NYSE: ARBK) and London (LSE: ARB) Argo Blockchain plc
announced today (Tuesday) that Chief Executive Officer Thomas Chippas will step
down from his position and board directorship, effective February 28, 2025.
Chief
Financial Officer Jim MacCallum will serve as interim CEO while the company
conducts an executive search.
The CEO
joined Argo Blockchain in late 2023, during a challenging period for the
cryptocurrency market and the mining industry. During his tenure, Chippas led
significant financial improvements at the dual-listed crypto miner, notably
orchestrating the
early repayment of the company’s Galaxy loan and strengthening its balance
sheet position.
Matthew Shaw, Chairman of the Board at Argo Blockchain
“Thomas
has made significant contributions to Argo including the repayment of the
Galaxy loan ahead of schedule and improving the balance sheet,” said
Matthew Shaw, Chairman of the Board. “On behalf of the Board and everyone at
Argo, I would like to thank Thomas for his many achievements and wish him every
success in the future.”
The
company, which operates a mining facility in Quebec and maintains offices
across the US, Canada, and the UK, said it plans to engage an executive search
firm to identify a permanent successor.
Before
joining the cryptocurrency mining company, Chippas held the role of Managing
Director at Citi’s New York branch. His longest tenure, however, was with Cboe
Digital, where he served as CEO and a member of the Board of Directors. He also
continues to serve on the board of TS Imagine, a company providing SaaS
platforms for integrated electronic front-office trading.
Argo Still Faces
Challenges
Although
Chippas is leaving Argo Blockchain in a more stable condition, significant
challenges persist. According to the Q3 2024 financial report, the
cryptocurrency mining company reported a net loss of $6.3 million for the
quarter, reflecting ongoing market difficulties and shrinking mining margins.
Revenue
fell to $7.5 million in Q3, a 28% decline from $10.4 million in the same period
last year. During the quarter, the company mined 123 Bitcoin, averaging 1.3 BTC
per day. Mining margins saw a sharp drop to 8% compared to 58% a year earlier
when the company benefited from power credits due to economic curtailments.
Adjusted EBITDA swung to negative $2.1 million, a significant downturn from
positive $2.4 million in the prior year.
In
December, Finance Magnates reported that Argo Blockchain raised £4.2
million ($5.3 million) through a share subscription. The company issued
approximately 76.9 million new ordinary shares at 5.5 pence per share to an
institutional investor. The funds aim to support strategic initiatives,
including the relocation or divestment of mining equipment from its Helios
facility in Texas and maintaining Bitcoin mining operations in Quebec. The
company is also looking to expand into high-performance computing (HPC).
The latest
mining report from January indicates that Argo produced 39 BTC in December
2024, the same as in November.
Our December operational update is out:
🔸Mined 39 Bitcoin in December.
🔸Daily production was 1.3 Bitcoin per day consistent with November.
🔸Mining revenue of $3.9 million, an increase from $3.4 million in November.
🔸We are currently evaluating alternative site options to…
— Argo (@ArgoBlockchain) January 7, 2025
However, production remains at a five-month low,
underscoring the company’s ongoing challenges..
The
publicly listed Bitcoin (BTC) miner from Wall Street (NYSE: ARBK) and London (LSE: ARB) Argo Blockchain plc
announced today (Tuesday) that Chief Executive Officer Thomas Chippas will step
down from his position and board directorship, effective February 28, 2025.
Chief
Financial Officer Jim MacCallum will serve as interim CEO while the company
conducts an executive search.
The CEO
joined Argo Blockchain in late 2023, during a challenging period for the
cryptocurrency market and the mining industry. During his tenure, Chippas led
significant financial improvements at the dual-listed crypto miner, notably
orchestrating the
early repayment of the company’s Galaxy loan and strengthening its balance
sheet position.
Matthew Shaw, Chairman of the Board at Argo Blockchain
“Thomas
has made significant contributions to Argo including the repayment of the
Galaxy loan ahead of schedule and improving the balance sheet,” said
Matthew Shaw, Chairman of the Board. “On behalf of the Board and everyone at
Argo, I would like to thank Thomas for his many achievements and wish him every
success in the future.”
The
company, which operates a mining facility in Quebec and maintains offices
across the US, Canada, and the UK, said it plans to engage an executive search
firm to identify a permanent successor.
Before
joining the cryptocurrency mining company, Chippas held the role of Managing
Director at Citi’s New York branch. His longest tenure, however, was with Cboe
Digital, where he served as CEO and a member of the Board of Directors. He also
continues to serve on the board of TS Imagine, a company providing SaaS
platforms for integrated electronic front-office trading.
Argo Still Faces
Challenges
Although
Chippas is leaving Argo Blockchain in a more stable condition, significant
challenges persist. According to the Q3 2024 financial report, the
cryptocurrency mining company reported a net loss of $6.3 million for the
quarter, reflecting ongoing market difficulties and shrinking mining margins.
Revenue
fell to $7.5 million in Q3, a 28% decline from $10.4 million in the same period
last year. During the quarter, the company mined 123 Bitcoin, averaging 1.3 BTC
per day. Mining margins saw a sharp drop to 8% compared to 58% a year earlier
when the company benefited from power credits due to economic curtailments.
Adjusted EBITDA swung to negative $2.1 million, a significant downturn from
positive $2.4 million in the prior year.
In
December, Finance Magnates reported that Argo Blockchain raised £4.2
million ($5.3 million) through a share subscription. The company issued
approximately 76.9 million new ordinary shares at 5.5 pence per share to an
institutional investor. The funds aim to support strategic initiatives,
including the relocation or divestment of mining equipment from its Helios
facility in Texas and maintaining Bitcoin mining operations in Quebec. The
company is also looking to expand into high-performance computing (HPC).
The latest
mining report from January indicates that Argo produced 39 BTC in December
2024, the same as in November.
Our December operational update is out:
🔸Mined 39 Bitcoin in December.
🔸Daily production was 1.3 Bitcoin per day consistent with November.
🔸Mining revenue of $3.9 million, an increase from $3.4 million in November.
🔸We are currently evaluating alternative site options to…
— Argo (@ArgoBlockchain) January 7, 2025
However, production remains at a five-month low,
underscoring the company’s ongoing challenges..
