According to CryptoPotato, Argo Blockchain's Nasdaq-listed shares (ARBK) experienced an 8.38% decline after the departure of its interim CEO and COO, Seif El-Bakly. The drop saw the shares plummet to $3.50, significantly reducing the firm’s market capitalization to $183.7 million. El-Bakly, who had been at the helm of the company since February 2023 after the departure of former CEO Peter Wall, parted ways with Argo Blockchain on January 5, 2024, in pursuit of new opportunities. Since El-Bakly’s tenure as interim CEO, the operations team at Argo has been under the guidance of CSO Sebastien Chalus, who is set to continue overseeing the company’s operations.
In December 2023, Argo Blockchain reported mining 155 Bitcoins, marking a 4% increase in daily production compared to November. This growth is due to increased transaction fees on the Bitcoin blockchain, enhanced operational efficiency, and an uptick in network difficulty. The company’s mining revenue for December 2023 stood at $6.6 million, a 25% increase from the previous month and the highest for the year. As of December 31, 2023, Argo Blockchain held 9 BTC and other digital assets equivalent to 18 Bitcoins on its balance sheet. Argo Blockchain also completed a significant financial milestone with the placement of 38 million shares, raising $9.9 million in gross proceeds. The funds are allocated for working capital, debt repayment, and general corporate purposes.