Argo Blockchain

The company's Baie Comeau site (drawing on Quebec's hydroelectric grid) houses approximately 2,500 Antminer S19J Pro units. The remainder of Argo's fleet is deployed under agreements with Merkle Standard LLC: 9,315 S19J Pro miners at Merkle's Memphis, Tennessee facility and 4,000 more at Merkle's Washington State site. The Memphis agreement, carrying a minimum one-year term, was expanded twice in early 2025 after Argo Blockchain redeployed roughly 23,000 miners formerly hosted at the Helios facility in Dickens County, Texas, refurbishing them from immersion-cooled to air-cooled configurations in the process. According to BitcoinMiningStock.io data, Argo's installed hashrate stood at 2.40 EH/s as of November 30, 2025.

Full-year 2024 financials reflected the disruption of the Texas exit. Argo mined 755 Bitcoin for the year (down from 1,760 in 2023), posting revenue of $47.1 million (down 7%), Adjusted EBITDA of $5.7 million, and a mining margin of 33% versus 43% in 2023. A $31.5 million asset impairment drove a net loss of $55.1 million. Bitcoin treasury holdings stood at 2.00 BTC as of December 31, 2024, and net debt was $31.0 million at year end. One clear positive: the company fully repaid its $35 million asset-backed loan from Galaxy Digital on August 12, 2024 (four months ahead of the revised schedule), following a December 2022 transaction in which Galaxy acquired the Helios real estate for $65 million.

The debt repayment did not avert a more sweeping restructuring. In October 2025, Argo Blockchain announced a recapitalization under which creditor Growler Mining LLC will receive 87.5% of the company's equity, with bondholders receiving 10% and existing shareholders retaining 2.5%. Argo delisted from the London Stock Exchange on December 9, 2025, ending a seven-year run as one of Britain's few publicly traded crypto miners (first listed there in 2018), while retaining its Nasdaq listing, conditional on completing a reverse stock split. Earlier in 2025, the company raised £4.2 million at 5.5 pence per share through a share placement to fund operations during the transition.

Justin Nolan, formerly CEO of digital infrastructure firm Arkon Energy, was appointed Argo's CEO on March 22, 2025. Nolan had previously co-founded DPN LLC, the entity that developed the Helios site before Argo acquired it in March 2021. Under his direction, Argo signed a non-binding letter of intent with BE Global Development to explore HPC infrastructure deployment at its Baie Comeau facility, a potential diversification beyond Bitcoin mining. At an enterprise value of $0.04 billion as of May 2026, the company is consolidating around its Quebec hydro asset on a restructured capital base.