BTC price dip pushes Argo Blockchain to $240M loss
While Argo saw a 5% rise in BTC mined, its revenue dipped 36% in 2022 to $58.6 million as BTC dipped, the global hash rate rose, and network difficulty shot up.
While Argo saw a 5% rise in BTC mined, its revenue dipped 36% in 2022 to $58.6 million as BTC dipped, the global hash rate rose, and network difficulty shot up.
Peter Wall, who has been at the helm of the BTC miner for three years, says he is leaving to pursue other opportunities, with CFO Appleton and one senior board member also exiting.
The plaintiffs claim that Argo Blockchain misrepresented some facts regarding the financial strength of the company in its security offering to the public.
Sophie Brochu has been the CEO of Hydro-Quebec for three years and during her tenure, she called on regulators to suspend the allocation of 270MW to BTC miners.
Argo received a warning from Nasdaq in December that it would be delisted if its price stayed below the threshold $1 mark as it struggled in the bear market.
Argo sold the facility for $65 million while also securing an extra $35 million loan from the Mike Novogratz-owned firm as it struggles with the bear market.
Argo Blockchain was delisted on December 9 after ‘accidentally’ publishing a statement saying it’d file Chapter 11 bankruptcy, but says it’s now restructuring amid relisting.
According to reports on October 25, Block had tapped Perry Hothi, former chief technology officer for Argo Blockchain PLC, to help spur Block’s BTC mining ambitions.
In its filing with the U.S. securities regulator, Argo confirmed that its wholly-owned subsidiary Argo Helios had entered into additional loans under the company’s equipment financing agreement.
Argo will offer senior unsecured notes to raise $58 million, which it will use to finance its Texas mining site that’s set to generate 800MW of electrical power.
In its filing with the London market regulator, Argo said its representatives disclosed some internal information that wasn’t meant to go public yet in a meeting with an equity portfolio manager.
Argo Blockchain’s IPO for its American Depository Shares will be on the Nasdaq Global Market, with the company intending to use the funds for diversification.