The crypto company enters non-binding term sheets for a $21.7 million asset purchase and a $10 million investment.
It also announced this week a change in CEO, who will need to fill a $6.3 financial gap.
Argo
Blockchain (LSE: ARB;
NASDAQ: ARBK),
the publicly listed London and Wall Street Bitcoin (BTC) miner, announced today (Wednesday) that it has entered into non-binding term sheets to acquire assets from GEM Mining and secure additional financing, a move that could potentially
double its mining capacity.
Argo Blockchain Seeks to
Double Hashrate with $21.7 Million GEM Deal
The
proposed transaction includes the acquisition of GEM Mining's assets for up to
$21.7 million in Argo shares, as well as a $10 million investment from GEM's
institutional investors. If completed, the deal would add 2.4 exahash of mining
power to Argo's operations, significantly boosting its Bitcoin production
capabilities.
Matthew Shaw, Chairman of the Board at Argo Blockchain
"We
believe this transaction represents a significant step toward profitable growth
for Argo and strengthens our capital structure," said Matthew Shaw, Chairman
of Argo's Board. "The Argo and Gem teams are working collaboratively to
complete due diligence and finalize definitive documentation."
The asset
acquisition would be satisfied through the issuance of new Argo ordinary
shares, with an initial consideration of $11.7 million and up to $10 million in
contingent consideration based on hashrate performance over the following year.
The share price for the initial consideration is set at 3.4 pence, based on the
20-day volume-weighted average price as of March 25, 2025.
New CEO, Old Problems
The move
comes just two days after the company announced that
Justin Nolan will take over as CEO, who previously served as the president
of Arkon Energy. He has prior experience with the Bitcoin miner, having helped
develop the Helios project as Chief Growth Officer.
He replaces
Thomas
Chippas, who supported the company through a difficult period since 2023.
Although Chippas managed to save the company from the threat of bankruptcy and
secure and repay
a loan from Galaxy, the firm still hasn't achieved profitability.
According
to the most recent financial report
for Q3 2024, revenue decreased by 30%, the number of mined BTC was only 1.3
BTC per day, mining margins shrank from 58% to 8%, and the net loss deepened to
$6.3 million. Despite these challenges, Nolan claims that "Argo has a
strong foundation" and sees light at the end of the tunnel.
Transaction Details
The
financing component of the deal includes a $7 million secured convertible note
with an 8% annual interest rate and a $3 million equity investment. Both
elements would be priced at a 25% discount to Argo's closing share price. Upon
completion of the transaction, GEM would be entitled to appoint two directors
to Argo's board.
Argo
Blockchain, known for its focus on sustainable cryptocurrency mining, operates
primarily with renewable energy sources. The company has mining facilities in
Quebec and offices across North America and the UK.
Stifel is
acting as financial advisor to Argo, while Compass Point is advising GEM on the
transaction.
Argo
Blockchain (LSE: ARB;
NASDAQ: ARBK),
the publicly listed London and Wall Street Bitcoin (BTC) miner, announced today (Wednesday) that it has entered into non-binding term sheets to acquire assets from GEM Mining and secure additional financing, a move that could potentially
double its mining capacity.
Argo Blockchain Seeks to
Double Hashrate with $21.7 Million GEM Deal
The
proposed transaction includes the acquisition of GEM Mining's assets for up to
$21.7 million in Argo shares, as well as a $10 million investment from GEM's
institutional investors. If completed, the deal would add 2.4 exahash of mining
power to Argo's operations, significantly boosting its Bitcoin production
capabilities.
Matthew Shaw, Chairman of the Board at Argo Blockchain
"We
believe this transaction represents a significant step toward profitable growth
for Argo and strengthens our capital structure," said Matthew Shaw, Chairman
of Argo's Board. "The Argo and Gem teams are working collaboratively to
complete due diligence and finalize definitive documentation."
The asset
acquisition would be satisfied through the issuance of new Argo ordinary
shares, with an initial consideration of $11.7 million and up to $10 million in
contingent consideration based on hashrate performance over the following year.
The share price for the initial consideration is set at 3.4 pence, based on the
20-day volume-weighted average price as of March 25, 2025.
New CEO, Old Problems
The move
comes just two days after the company announced that
Justin Nolan will take over as CEO, who previously served as the president
of Arkon Energy. He has prior experience with the Bitcoin miner, having helped
develop the Helios project as Chief Growth Officer.
He replaces
Thomas
Chippas, who supported the company through a difficult period since 2023.
Although Chippas managed to save the company from the threat of bankruptcy and
secure and repay
a loan from Galaxy, the firm still hasn't achieved profitability.
According
to the most recent financial report
for Q3 2024, revenue decreased by 30%, the number of mined BTC was only 1.3
BTC per day, mining margins shrank from 58% to 8%, and the net loss deepened to
$6.3 million. Despite these challenges, Nolan claims that "Argo has a
strong foundation" and sees light at the end of the tunnel.
Transaction Details
The
financing component of the deal includes a $7 million secured convertible note
with an 8% annual interest rate and a $3 million equity investment. Both
elements would be priced at a 25% discount to Argo's closing share price. Upon
completion of the transaction, GEM would be entitled to appoint two directors
to Argo's board.
Argo
Blockchain, known for its focus on sustainable cryptocurrency mining, operates
primarily with renewable energy sources. The company has mining facilities in
Quebec and offices across North America and the UK.
Stifel is
acting as financial advisor to Argo, while Compass Point is advising GEM on the
transaction.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
In this video, we take an in-depth look at @Exness , a global multi-asset broker operating since 2008, known for fast withdrawals, flexible account types, and strong regulatory coverage across multiple regions.
We break down Exness’s regulatory framework, supported trading platforms including MetaTrader 4, MetaTrader 5, Exness Terminal, and the Exness Trade App, as well as available account types such as Standard, Pro, Zero, and Raw Spread.
You’ll also learn about Exness’s leverage options, fees and commissions, swap-free trading, available instruments across forex, commodities, indices, stocks, and cryptocurrencies, and what traders can expect in terms of execution, funding speed, and customer support.
Watch the full review to see whether Exness aligns with your trading goals and strategy.
👉 Explore Exness’s full broker listing on the Finance Magnates Directory:
https://directory.financemagnates.com/multi-asset-brokers/exness/
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#Exness #ExnessReview #Forex #FinanceMagnates #ForexBroker #BrokerReview #CFDTrading #OnlineTrading #MarketInsights
In this video, we take an in-depth look at @Exness , a global multi-asset broker operating since 2008, known for fast withdrawals, flexible account types, and strong regulatory coverage across multiple regions.
We break down Exness’s regulatory framework, supported trading platforms including MetaTrader 4, MetaTrader 5, Exness Terminal, and the Exness Trade App, as well as available account types such as Standard, Pro, Zero, and Raw Spread.
You’ll also learn about Exness’s leverage options, fees and commissions, swap-free trading, available instruments across forex, commodities, indices, stocks, and cryptocurrencies, and what traders can expect in terms of execution, funding speed, and customer support.
Watch the full review to see whether Exness aligns with your trading goals and strategy.
👉 Explore Exness’s full broker listing on the Finance Magnates Directory:
https://directory.financemagnates.com/multi-asset-brokers/exness/
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
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🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Exness #ExnessReview #Forex #FinanceMagnates #ForexBroker #BrokerReview #CFDTrading #OnlineTrading #MarketInsights
The FMLS:25 highlights video is now live - a look back at the conversations, the energy on the floor, and the moments that shaped this year’s summit.
While that’s still fresh, the next launches across the FM Events portfolio are already taking shape.
FM Singapore takes place on the 12-14 of May, connecting the APAC market with its own distinct audience and priorities. FMAS:26 heads to Cape Town on 26–27 May shortly after, bringing the focus to Africa’s trading and fintech ecosystem.
Different regions. Different audiences. Same commitment to building the right rooms for meaningful conversations.
More details coming very soon. The launches are imminent. - here you go
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While that’s still fresh, the next launches across the FM Events portfolio are already taking shape.
FM Singapore takes place on the 12-14 of May, connecting the APAC market with its own distinct audience and priorities. FMAS:26 heads to Cape Town on 26–27 May shortly after, bringing the focus to Africa’s trading and fintech ecosystem.
Different regions. Different audiences. Same commitment to building the right rooms for meaningful conversations.
More details coming very soon. The launches are imminent. - here you go
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What sources does the Finance Magnates newsroom rely on before publishing a story? #FinanceNews
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the editorial process: direct industry sources, reports, regulators, social media signals, and thorough cross-checking before anything goes live.
📰 Industry sources
📊 Reports & regulators
🔎 Verification before publication
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the editorial process: direct industry sources, reports, regulators, social media signals, and thorough cross-checking before anything goes live.
📰 Industry sources
📊 Reports & regulators
🔎 Verification before publication
OnePrime’s Jerry Khargi on Infrastructure, Liquidity & Trust | Executive Interview
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In this in-depth discussion, Jerry shares:
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- What truly sets award-winning trading infrastructure apart
- Key trends shaping institutional trading, including technology and AI
- The importance of transparency, ethics, and reputation in long-term success
- OnePrime’s vision for growth over the next 12–24 months
Fresh from winning Finance Magnates’ Best Trading Infrastructure Broker, Jerry explains how experience, mentorship, and real-world problem solving form the “special sauce” behind OnePrime’s institutional offering.
🏆 Award Highlight: Best Trading Infrastructure Broker
👉 Subscribe to Finance Magnates for more executive interviews, market insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #OnePrime #InstitutionalTrading #Liquidity #TradingInfrastructure #ExecutiveInterview
Recorded live at FMLS:25 London, this exclusive executive interview features Jerry Khargi, Executive Director at OnePrime, in conversation with Andrea Badiola Mateos from Finance Magnates.
In this in-depth discussion, Jerry shares:
- OnePrime’s journey from a retail-focused business to a global institutional liquidity provider
- What truly sets award-winning trading infrastructure apart
- Key trends shaping institutional trading, including technology and AI
- The importance of transparency, ethics, and reputation in long-term success
- OnePrime’s vision for growth over the next 12–24 months
Fresh from winning Finance Magnates’ Best Trading Infrastructure Broker, Jerry explains how experience, mentorship, and real-world problem solving form the “special sauce” behind OnePrime’s institutional offering.
🏆 Award Highlight: Best Trading Infrastructure Broker
👉 Subscribe to Finance Magnates for more executive interviews, market insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #OnePrime #InstitutionalTrading #Liquidity #TradingInfrastructure #ExecutiveInterview
How does the Finance Magnates newsroom decide which updates are worth covering? #financenews
How does the Finance Magnates newsroom decide which updates are worth covering? #financenews
What makes an update worth covering in financial media?
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, editorial focus starts with relevance: stories that serve the industry, support brokers and technology providers, and help decision-makers navigate their businesses.
A reminder that strong financial journalism is built on value, not volume.
What makes an update worth covering in financial media?
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, editorial focus starts with relevance: stories that serve the industry, support brokers and technology providers, and help decision-makers navigate their businesses.
A reminder that strong financial journalism is built on value, not volume.
