Growler Mining, Argo Blockchain’s largest lender, is seizing control of the beleaguered crypto miner through a debt-for-equity swap, leaving current shareholders with a minimal stake in the company.
The restructuring plan, filed under the UK Companies Act, disclosed that Growler will convert approximately $7.5 million in secured loans while providing new funding in exchange for 87.5% of Argo’s recapitalized equity.
Bondholders of Argo’s $40 million unsecured notes will collectively acquire 10%, while existing shareholders will keep only 2.5%. This agreement, part of a court-supervised restructuring initiative called Project Triumph, aims to avert insolvency and maintain the miner’s Nasdaq listing.
“Without the Plan Company [Argo] restructuring its balance sheet, it will fail to secure necessary funding and face insolvency on both cash flow and balance sheet fronts,” stated Argo.
Related: Bitcoin miner Argo repays $35M Galaxy bailout loan
Argo to delist from LSE
Argo will delist from the London Stock Exchange, concluding a six-year tenure as one of the few publicly traded crypto companies in the UK. Its shares will remain active on Nasdaq, assuming the firm complies with regulations, including a planned reverse stock split by January 2026.
Though the company remains incorporated and based in London, its capital-market focus will pivot entirely to the United States. Argo made headlines in 2018 as the first cryptocurrency firm to list on the London Stock Exchange, raising around $32 million with a valuation of $61 million.
The filing indicated that Argo’s Bitcoin (BTC) production has plummeted over the last two years, from nearly six coins a day in 2022 to just over two in 2024, largely due to aging equipment and soaring energy costs that have squeezed profitability.
The miner has sold its Helios facility in Texas to Galaxy Digital, concentrating operations at Canada’s Baie-Comeau site and US hosting centers in Tennessee and Washington State.
Related: Argo Blockchain cuts 2022 debt by half, down to $75M
The end of Argo’s era as a British public company
Growler’s takeover includes plans to inject new capital, termed “Exit Capital,” and transfer ownership of Growler USCo, a subsidiary with new mining assets, into Argo in exchange for new shares. This move grants the lender operational control and the capability to upgrade Argo’s aging fleet before it risks obsolescence in 2026.
If approved by the High Court of England and Wales, the restructuring will eliminate the majority of Argo’s debt, safeguard its Nasdaq listing, and place control of the company in the hands of its creditors. For investors, this translates to a near-total loss and marks the conclusion of Argo’s era as a pioneering public-market crypto entity in Britain.
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