Argo Blockchain announces former Arkon Energy chief Justin Nolan as new CEO

Argo Blockchain (ticker ARBK) named Justin Nolan on Monday as its new chief executive officer, effective March 22.

Nolan most recently was CEO at Arkon Energy, a digital infrastructure company. Prior to his role at Arkon Energy, he served as chief growth officer at Argo, where he played a role in the development of the Helios project. Earlier in his career, Nolan co-founded and led DPN LLC.

Argo's previous CEO, Thomas Chippas , had served in that role since November 2023.

"We are delighted to welcome Justin back to Argo at this pivotal time for the Company," Argo Chairman Matthew Shaw said in a press release. "His deep industry expertise, strategic vision, and leadership in scaling mining operations, including his previous contributions to the Helios project, make him the ideal leader for our next phase of growth. Under his guidance, we look forward to further strengthening Argo's market position and operational efficiency."

Argo is a blockchain technology company focused on large-scale cryptocurrency mining, with a mining facility in Quebec and offices in the U.S., Canada, and the UK. The company's Helios project refers to a large-scale Bitcoin mining center in Texas, which plans to scale to scale up to 800 MW of capacity, making it one the largest facilities worldwide.  

"Argo has a strong foundation, a talented team, and a commitment to operational excellence," Nolan said. "I look forward to working closely with the Board and our stakeholders to drive innovation, enhance efficiency, and create sustainable value for shareholders."

In conjunction with the appointment, Nolan is eligible to receive up to 22.2 million units relating to Argo's Ordinary Shares vested over a three-year period, contingent upon continued employment and meeting certain performance criteria.

Argo Blockchain has a market cap of around $40 million and trades under $0.40 per share, according to The Block's ARBK price data . The company went public on the Nasdaq in September 2021 at $16.60 a share.