Jim MacCallum, interim CEO of Argo Blockchain, acquired shares in three separate transactions.
Argo reported a 14% increase in mining revenue in December 2024, totaling $3.9 million.
The company has partnered with Merkle Standard LLC to host miners at new locations, improving its mining capacity.
Argo Blockchain plc has disclosed that its interim Chief Executive Officer and Chief Financial Officer Jim MacCallum has purchased 75,000 American Depositary Receipts (ADRs) representing the company’s ordinary shares. The transactions occurred on January 29 and 30, 2025 and were executed on the NASDAQ stock exchange.
According to the , MacCallum acquired the ADRs in three separate purchases at $0.4550, $0.4600, and $0.4700 per ADR, bringing the weighted average price to approximately $0.4617 per ADR. The disclosure follows regulatory requirements for transparency when senior executives engage in company share transactions.
This purchase could benefit the company, as it shows leadership confidence, which can reassure investors and potentially strengthen market perception. Additionally, insider buying can positively impact share value by signaling growth potential and financial stability
The acquisition follows the that Thomas Chippas will resign as CEO of the crypto mining company, effective February 28, 2025. His departure comes amid the company’s ongoing financial challenges. Chippas, who became CEO of Argo Blockchain in November 2023, played a key role in improving the company’s finances, notably through the early repayment of the Galaxy loan and strengthening the balance sheet.
Argo Expands Mining Efforts with New Hosting Agreement and Revenue Growth
The company recently reported mining 39 Bitcoin in December, consistent with November, while maintaining a daily production rate of 1.3 BTC. It also revealed $3.9 million in mining revenue, up from $3.4 million the previous month. Argo is also exploring new locations to rehost 23,619 S19J Pro miners from the Galaxy facility. The team :
“We are currently evaluating alternative site options to rehost the 23,619 S19J Pros from the Galaxy facility.”
“We are currently evaluating alternative site options to rehost the 23,619 S19J Pros from the Galaxy facility.”
On January 27, Argo Blockchain announced that it has joined forces with Merkle Standard LLC for miner hosting. The company noted that starting from February, 5,293 S19J Pro miners will be hosted at Merkle’s Memphis, Tennessee, facility for at least one year, while 2,500 more will be hosted at Argo’s Baie Comeau site. It added that by the end of February, about one-third of the miners at Helios are expected to be operational. Argo Blockchain :
“Argo is pleased to announce that it has entered into a hosting arrangement with Merkle Standard LLC. 5,293 S19J Pro miners will be hosted at Merkle’s Memphis, Tennessee location,from February and for a minimum one-year term. An additional 2,500 S19J Pro miners will be hosted at our Baie Comeau facility. By the end of February, Argo expects approx. one third of the miners hosted at Helios to be operational”
“Argo is pleased to announce that it has entered into a hosting arrangement with Merkle Standard LLC. 5,293 S19J Pro miners will be hosted at Merkle’s Memphis, Tennessee location,from February and for a minimum one-year term. An additional 2,500 S19J Pro miners will be hosted at our Baie Comeau facility. By the end of February, Argo expects approx. one third of the miners hosted at Helios to be operational”
The company, which has a mining facility in Quebec, £4.2 million in December 2024 through a share subscription. The funds will be used for relocating or selling mining equipment from the Helios facility in Texas and maintaining operations in Quebec.