Argo Blockchain interim CEO buys 75k shares in insider deal

Argo Blockchain’s interim CEO, Jim MacCallum, bought more than 70,000 of the company’s shares in an insider transaction.

Jim MacCallum, Argo Blockchain‘s interim chief executive, purchased 75,000 of the company’s shares in the form of American Depositary Receipts — U.S.-traded shares representing foreign company stock — between Jan. 29 and Jan. 30, the company revealed in a regulatory filing. The shares were bought on Nasdaq prices ranging from $0.4550 to $0.4700 each, the filing reads.

In total, MacCallum spent around $34,625 on the shares, with an average price of $0.4617 per ADR. The insider purchase was disclosed as required by regulations for persons discharging managerial responsibilities. After the news broke, Argo’s shares on the London Stock Exchange jumped 2.27%, reaching 4.5 GBX.

The transaction happened just a few days after Argo Blockchain announced that CEO Thomas Chippas will be stepping down on Feb. 28. Jim MacCallum, who’s currently the CFO, has already taken over as interim CEO while the company looks for someone permanent to fill the role.

As crypto.news reported earlier, Chippas, who joined in November 2023, helped improve Argo’s finances, paying off a Galaxy loan early and strengthening the balance sheet. Still, Argo is facing challenges, reporting a $6.3 million net loss in Q3 2024 and a 28% drop in revenue year-over-year to $7.5 million.

In December 2024, Argo raised $5.3 million through a share subscription. The funds will help with relocating or selling mining equipment from the Helios facility in Texas. It will also support maintaining operations in Quebec. Earlier, the company reported flat production as it mined only 39 BTC in December, the same as in November, marking a five-month low.