Argo Blockchain Plc

Argo Blockchain Plc is a company focused on mining Bitcoin and other crypto assets. The company uses purpose-built computers, or mining machines, to solve complex cryptographic algorithms in the blockchain. In exchange for verifying or solving blocks, Argo Blockchain Plc earns rewards and fees denominated in the native token of that blockchain network. Founded in late 2017, the company initially provided mining capacity as a service, where customers contracted Bitcoin mining services for a fee and earned Bitcoin rewards directly. Beginning in 2019, Argo Blockchain Plc transitioned to mining for its own account to increase revenues and margins, winding down its mining-as-a-service business. In 2023, 2024, and 2025, the company did not have any mining-as-a-service revenue. Following this shift, Argo Blockchain Plc substantially increased its investment in mining machines. Its mining machines are hosted in facilities operated by third parties and in facilities it owns and operates. As of December 31, 2023, the company had approximately 2.8 exahash of mining capacity. Of this, approximately 0.4 exahash was located in facilities owned by Argo Blockchain Plc in Quebec, Canada, and approximately 2.4 exahash was located in hosted facilities. In 2023, 2024, and 2025, the company's treasury management strategy involved selling its mined Bitcoin on a weekly basis to fund operating expenses and working capital needs. Cryptocurrency held in treasury is marked to market at the end of each financial reporting period, with gains and losses reflected as changes in fair value of digital currencies in the income statement.