Argo Blockchain, a key player in the Bitcoin mining industry, has appointed Thomas Chippas, a veteran in digital assets and financial services, as its new CEO and Director, signaling a strategic shift amid the company’s recent challenges and market fluctuations.
Argo Blockchain, a prominent player in the Bitcoin mining and technology sector listed on both the London Stock Exchange and Nasdaq, has selected Thomas Chippas as its new CEO and Director.
Chippas, whose career spans across various leadership roles in the financial services and digital assets sphere, is poised to bring a wealth of experience to Argo. His tenure as CEO of CBOE Digital and founder of ErisX, a crypto trading platform later acquired by CBOE, stands out. CBOE faced a substantial $460 million write-down on this acquisition in 2022, casting a shadow on the venture’s success.
As Argo’s CEO, Chippas is set to receive up to 2.85 million units tied to the company’s American Depositary Shares, vested over three years. This incentive, however, hinges on his continuous employment and achievement of specific performance goals. Additionally, the company’s remuneration policy allows for further performance share units on his first and second appointment anniversaries.
Argo’s decision comes at a turbulent time. The company faced significant challenges, with former CEO Peter Wall stepping down in February and a distressing false alarm about filing for Chapter 11 bankruptcy in December of last year.
Despite these setbacks, Argo showed resilience, selling its Helios mining facility and securing a $35 million loan from Galaxy Digital, subsequently raising $7.5 million in an oversubscribed share sale to alleviate its debts.