UK 07:06 Wednesday, 7 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
You really could not make this shit up. Argo Blockchain’s (ARB) new CEO Justin Nolan has, as I exposed HERE, real form in doing deals that see shareholders in his company well and truly shafted. Now on his second stint of value destruction he announced a refinancing on 26 March with GEM Mining which, as I exposed HERE and HERE, just stunk to high heaven. It was an appalling death spiral combined with the purchase of useless aging assets at demonstrably ludicrous prices. Today…
Yesterday, with assistance from Evil Banksta I exposed HERE and HERE, just how pungent is the latest acquisition and bailout of Argo Blockchain (ARB). It stinks to high heaven and the FCA should be all over it. It is the first deal announced by Argo’s new CEO Justin Nolan. But what of his last masterstroke at Argo on his first tour of duty there.
Earlier today Evil Banksta pointed out that the maths on today’s refinancing and acquisition by technically insolvent Argo Blockchain (ARB) just made no sense at all. The deal stinks., Now he pipes up with added detail which is just damning. The FCA should be all over this. Evil Banksta notes:
Technically insolvent Argo Blockchain (ARB) has today announced a conditional deal with the owners of GEM Mining and the maths just does not add up. Evil Banksta calls the proposed transaction “skanky” and that is an understatement. Here’s why.
Surely even Stevie Wonder can see that the writing is on the wall after today’s latest disastrous news from Argo Blockchain (ARB). This has zero written all over the shares as Stevie has just spotted.
On 2 December 2024 Argo Blockchain (ARB) raised £4.2 million at 5.5p from one “institution” when it was actually offered more at 6p. I flagged that up as odd at the time. But though the cash came in to keep the lights on, the shares issued could not be admitted to market as Argo did not have sufficient headroom. For that it needed an FCA approved prospectus.
Its CEO has quit. It is drowning in debt and burning cash and is, in fact, technically insolvent. What else… Oh yes, as of December 28 the 23,000 bitcoin mining machines hosted at the Helios facility were idle as Galaxy booted Argo Blockchain (ARB) from the site. This the day of Dunkirk, a disorderly defeat presented as a triumph.
If this was planned I am a banana. Argo Blockchain (ARB) is burning cash. Most of its mining machines lie idle having been booted out of their hosting site just before he New Year. There is no news ion where they will go. Drowning in debt, it is technically insolvent. And now..
I suppose, given that it is technically insolvent and its shares are worthless, Argo Blockchain (ARB) has a lot on its corporate mind. However…
