Jim MacCallum, the interim CEO of Argo Blockchain, has bought more than 75,000 shares of the company in an insider transaction, according to a regulatory filing. The shares, which were acquired between January 29 and 30, were purchased in the form of American Depositary Receipts (ADRs)—U.S.-listed securities representing Argo’s stock, which is primarily traded in the UK.
MacCallum acquired the shares at Nasdaq prices ranging from $0.4550 to $0.4700 each, with the total value of the transaction amounting to approximately $34,625. The average price per ADR was $0.4617. As required by regulations for executives in managerial roles, the purchase was publicly disclosed.
Following the announcement of the insider buy, Argo Blockchain’s stock on the London Stock Exchange saw a notable 2.27% uptick, reaching 4.5 GBX.
This move comes shortly after Argo Blockchain’s CEO, Thomas Chippas, announced he would step down on February 28. MacCallum, currently the company’s CFO, has stepped into the role of interim CEO while Argo continues its search for a permanent leader.
Despite recent leadership changes, Argo Blockchain faces ongoing financial challenges. In Q3 2024, the company reported a $6.3 million net loss, alongside a 28% year-over-year drop in revenue, which fell to $7.5 million. However, Chippas, who joined Argo in November 2023, is credited with strengthening the company’s financial position, including paying off a loan from Galaxy early and improving the balance sheet.
In December 2024, Argo raised $5.3 million through a share subscription to support its operations. The funds will assist in relocating or selling mining equipment at the company’s Helios facility in Texas, as well as maintaining operations in Quebec. Production has remained flat, with Argo mining just 39 BTC in December, the same amount as in November, marking its lowest production level in five months.