Company: ARBK
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001104659-25-049311
Chunk: 6

Company: Argo Blockchain Plc
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 6
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 on August 3, 2018. Our existing ordinary shares traded on the OTCQB(R) Venture Market (our “ F Shares”) under the ticker symbol “ ARBKF” from January 13, 2021 until February 23, 2021, and traded on the OTCQX from February 24, 2021 to December 31, 2022. Our ADSs have traded on Nasdaq under the ticker symbol ARBK since September 24, 2021.

Our 8.75% Senior Notes due 2026 have traded under the ticker symbol ARBKL on Nasdaq since November 18, 2021.

Table of Contents

Capital Expenditures and Divestitures

Historically, our capital expenditures have consisted primarily of purchasing mining machines and computer equipment and improvements to the mining facilities in which we operate. In 2022, our capital expenditures were for the purchase of mining machines and for acquiring and building mining facilities that we own and operate. Our capital expenditures, net of disposals, were $95.6 million, and $5.2 million in 2022 and 2023, respectively. We had no capital expenditure in 2024.

In December 2022, we divested our Helios facility via a sale of Argo Innovation Facilities (US), Inc. to a wholly owned subsidiary of Galaxy for approximately $65.0 million in gross proceeds. The proceeds were used primarily to pay down existing indebtedness.

More Information

The SEC maintains an internet site that contains reports, proxy, and information statements, and other information regarding issuers that file electronically with the SEC at http://www. sec. gov. The Company’s SEC filings can be found there and on the Company’s website at https://argoblockchain. com/investors/financial-information/financials.

B. Business Overview

We are a blockchain technology company focused on large-scale mining of Bitcoin. We mine using purpose-built computers (or “mining machines”) to solve complex cryptographic algorithms (or “verify” or “solve” blocks) on the blockchain in exchange for rewards and fees denominated in the native token of that blockchain network.

Our mining strategy is to cost-effectively acquire and deploy advanced mining technology solutions in North American facilities that utilize predominantly renewable and inexpensive electricity. As of December 31, 2024, we had a fleet of approximately 26,000 machines mining Bitcoin that can generate up to 2.8 exahash per second of computing power