Growler Mining, the top lender for Argo Blockchain, is seizing control of the distressed crypto miner through a debt-for-equity swap, reducing existing shareholders to a minor stake.
The restructuring, submitted under the UK Companies Act, disclosed that Growler will convert approximately $7.5 million in secured loans and offer new financing in exchange for 87.5% of Argo’s recapitalized equity.
Bondholders holding Argo’s $40 million unsecured notes will receive a combined 10%, while existing shareholders will keep only 2.5%. This arrangement is part of a court-managed restructuring initiative called Project Triumph, aimed at preventing insolvency and maintaining the miner’s Nasdaq listing.
“Without restructuring its balance sheet, the Plan Company [Argo] will not secure necessary funding and face insolvency on both cash flow and balance sheet fronts,” stated Argo.
Related: Argo Bitcoin miner settles $35M Galaxy bailout loan
Argo to delist from LSE
Argo will also exit the London Stock Exchange, concluding a six-year presence as one of the UK’s few publicly traded crypto firms. Its shares will still trade on Nasdaq, assuming compliance requirements are met, which includes a planned reverse stock split before January 2026.
The company remains incorporated and based in London, but it will focus its market operations entirely in the United States. In 2018, Argo was the first cryptocurrency business to list on the London Stock Exchange, raising around $32 million with a valuation of $61 million.
The filing indicated a significant decline in Argo’s Bitcoin (BTC) production over the last two years, dropping from nearly six coins daily in 2022 to just two in 2024, largely due to aging machinery and soaring energy costs that hampered profitability.
The miner has sold its Helios facility in Texas to Galaxy Digital, concentrating operations at Canada’s Baie-Comeau site and U.S. hosting centers in Tennessee and Washington State.
Related: Argo Blockchain reduces 2022 debt by 50%, down to $75M
End of Argo’s era as a public company in Britain
Growler’s acquisition plan includes injecting new capital, labeled “Exit Capital,” and transferring ownership of Growler USCo, a subsidiary with new mining assets, into Argo in exchange for new shares. This transition grants the lender operational control and the ability to update Argo’s outdated fleet before it turns obsolete in 2026.
If sanctioned by the High Court of England and Wales, the restructuring will eliminate a majority of Argo’s debt, save its Nasdaq listing, and transfer control of the company to creditors. For investors, it signifies near-total loss and the conclusion of Argo’s era as a public market pioneer in Britain’s crypto landscape.
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