Argo Blockchain’s Nasdaq-listed shares (ARBK) experienced an 8.38% decline after the departure of its interim CEO and COO, Seif El-Bakly.

According to data from the stock exchange, the drop saw the shares plummet to $3.50, significantly reducing the firm’s market capitalization to $183.7 million.

Argo Blockchain Announces El-Bakly’s Departure

According to the January 8 Operation Update report, El-Bakly, who had been at the helm of the company since February 2023 after the departure of former CEO Peter Wall, parted ways with Argo Blockchain on January 5, 2024, in pursuit of new opportunities.

Since El-Bakly’s tenure as interim CEO, the operations team at Argo has been under the guidance of CSO Sebastien Chalus. Chalus is set to continue overseeing the company’s operations.

In related news, Argo Blockchain granted 1,379,727 Restricted Stock Units (RSUs) on December 5, 2023, as part of its 2022 Equity Incentive Plan.

These RSUs are set to vest over three years. Additionally, in connection with Mr. El-Bakly’s departure, the company issued new ordinary shares to finalize his Performance Share Units (PSUs) vesting.

This transition comes at a crucial time when Argo Blockchain has reported significant operational achievements.

Argo Blockchain Achieves Record Highs

In December 2023, the company reported mining 155 Bitcoins, marking a 4% increase in daily production compared to November.

This growth is due to increased transaction fees on the Bitcoin blockchain, enhanced operational efficiency, and an uptick in network difficulty.

The company’s mining revenue for December 2023 stood at $6.6 million, a 25% increase from the previous month and the highest for the year. This success was part of a consistent trend, with the fourth consecutive month of over 18% revenue growth.

As of December 31, 2023, Argo Blockchain held 9 BTC and other digital assets equivalent to 18 Bitcoins on its balance sheet.

Thomas Chippas, Argo’s Chief Executiv