Investment in Digital Asset Company

Press Release

04 February 2021

Argo Blockchain PLC

('Argo' or 'The Company')

Investment in Digital Asset Company

Argo, the leading cryptocurrency miner based in the UK (LSE: ARB), is pleased to announce it has taken a 25% stake to become the lead investor in Pluto Digital Assets PLC. Pluto is a crypto venture capital and technology company that connects Web 3.0 decentralised technologies to the global economy. Pluto invests in, incubates and advises digital asset projects based on decentralised technologies (DeTech), decentralised finance (DeFi) and networks such as Ethereum and Polkadot. Pluto also supports the operation of proof-of-stake networks by staking and operating validator nodes. Argo's management believes that this investment into a proof-of-stake focused digital assets company complements its leading position in the Bitcoin and proof-of-work consensus mechanism.

This investment of approximately £1m at 3p per share, as part of an investment round of £2.5m, has been satisfied entirely by the contribution of the Company's holding of 75,000 Polkadot (DOT), which were originally purchased in Q1 2019 at a cost of US$75,000. Argo's DOT contribution was valued at $19.43 per DOT. As part of the terms of the investment, Argo has negotiated substantial anti-dilution protections including the option to retain its 25% stake through future funding rounds. This can be done, either through payment in new Argo shares or cash. The Company will also receive 1 warrant per share purchased, exercisable at 6p for two years.

Pluto shares the same ethos as Argo and seeks to democratise participation in cryptocurrency markets and the blockchain space. Pluto's senior leadership team has a wealth of experience in establishing successful cryptocurrency and blockchain ventures. Some of the most notable projects they have invested in include the YOP Platform and Protocol, a highly anticipated DeFi project launched on the leading IDO platform Polkastarter. YOP is backed by leading crypto VCs and supported by some of the most influential names in crypto, and has increased by over 1800% since listing in January 2021.

Peter Wall, CEO of Argo Blockchain commented: "Argo believes not just in Bitcoin, but in the entire cryptocurrency ecosystem. We have always been extremely bullish on how cryptocurrencies will transform the global financial system. Our early stage investment into Polkadot in 2019 was a perfect example of this belief and we are now excited to be using that same investment to buy a significant stake in Pluto, who are actively looking for projects with high yield potential."

Atif Yaqub, Director for Pluto Digital Assets commented: "We are delighted to have Argo as a cornerstone shareholder and strategic partner. Pluto's combination of traditional venture capital and crypto expertise uniquely positions us to identify and support the next generation of digital asset projects. Crypto and DeFi are experiencing exponential growth and institutional adoption and Pluto is ideally positioned to participate in this transformation." 

This announcement contains inside information.

For further information please visit www.argoblockchain.com or contact:

About Argo:

Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB.

argoblockchain.com

See Argo's largest facility in Quebec:

https://youtu.be/LDWWaZ75Zbk

For more information on Pluto Digital Assets, please see their website: https://plutodigitalassets.com/