People • March 24, 2025, 10:50AM EDT
Quick Take
- Nolan had previously served as a chief growth officer at Argo Blockchain.
- After going public in 2021 at around $16.60 per share, Argo’s stock currently trades under $0.40 per share.
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. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
AUTHOR
Jason Shubnell
Jason is a U.S. news editor at The Block. He previously worked as a staff writer and later served as managing editor at Benzinga, a financial news and data company. He led Benzinga's daily markets coverage as well as the expansion of the outlet's cannabis, cryptocurrency and sports betting verticals. He earned a bachelor's degree in journalism from Central Michigan University and resides in the suburbs of Detroit, Michigan. Follow him on X @JasonShubnell.
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