London Stock Exchange and Nasdaq-listed cryptocurrency mining firm Argo Blockchain has appointed digital asset industry veteran Thomas Chippas as its new Chief Executive Officer and Board Director, effective immediately.
Chippas brings over 25 years of experience spanning financial services, trading platforms, and blockchain technology. He most recently served as CEO of CBOE Digital, the digital asset arm of options exchange CBOE Global Markets. Prior to that, he founded and led crypto trading venue ErisX, which was acquired by CBOE in 2021 for a reported $460 million.
Other previous roles include CEO of Citadel Technology, COO of blockchain startup Axoni, and Managing Director positions in the investment banking divisions at Citigroup, Barclays, and Deutsche Bank.
The appointment of Chippas marks a changing of the guard amid recent leadership turmoil and financial uncertainty at Argo. Former CEO Peter Wall resigned in February 2022, with interim COO Seif El-Bakly stepping in during the transition. Matthew Shaw was named Chairman.
In December 2022, Argo accidentally published draft bankruptcy filings, sparking fears over its financial health before the company quickly clarified it had no intention to file Chapter 11. Argo also sold its Helios mining facility to Galaxy Digital for $65 million and took a $35 million loan from billionaire CEO Mike Novogratz’s firm.
Looking ahead, Chippas and Shaw expressed optimism that Argo can capitalize on growth in the Bitcoin mining sector, especially heading into the next halving event which impacts mining rewards. As CEO, Chippas could receive up to 2.85 million Argo shares over three years depending on performance.
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