Growler Mining, the largest lender to Argo Blockchain, is taking over the struggling crypto miner through a debt-for-equity swap, leaving current shareholders with a minimal stake in the company.
The restructuring, filed under the UK Companies Act, indicates that Growler will convert about $7.5 million in secured loans and provide new funding in exchange for 87.5% of Argo’s newly recapitalized equity.
Bondholders holding Argo’s $40 million unsecured notes will receive 10% collectively, while existing shareholders will be left with only 2.5%. This deal is part of a court-supervised restructuring plan called Project Triumph, aimed at avoiding insolvency and maintaining the miner’s Nasdaq listing.
According to Argo, “Unless the Plan Company [Argo] implements a restructuring of its balance sheet, it will be unable to secure the funding it needs and will face insolvency on both a cash flow and balance sheet basis.”
Related: Bitcoin miner Argo repays $35M Galaxy bailout loan
Argo to delist from LSE
Argo is also set to delist from the London Stock Exchange, concluding a six-year tenure as one of the UK’s few publicly traded crypto firms. Its shares will continue trading on Nasdaq, contingent upon meeting compliance conditions, including a planned reverse stock split before January 2026.
The company will remain incorporated and headquartered in London, but its focus in capital markets will shift entirely to the United States. In 2018, Argo was the first cryptocurrency company to be listed on the London Stock Exchange, raising around $32 million for a valuation of $61 million.
The filing also disclosed that Argo’s Bitcoin (BTC) production has drastically decreased over the past two years, from nearly six coins per day in 2022 to just two in 2024, primarily due to aging machines and high energy costs undermining profitability.
Additionally, the miner has sold its Helios facility in Texas to Galaxy Digital, concentrating its operations in Canada’s Baie-Comeau site and hosting centers in Tennessee and Washington State.
Related: Argo Blockchain cuts 2022 debt by half, down to $75M
End of Argo’s era as a public company in Britain
The takeover by Growler includes plans to inject new capital, referred to as “Exit Capital,” and transfer ownership of Growler USCo, a subsidiary with new mining assets, into Argo in exchange for new shares. This move gives the lender operational control and the opportunity to upgrade Argo’s outdated fleet before it becomes obsolete in 2026.
If approved by the High Court of England and Wales, the restructuring would significantly reduce Argo’s debt burden, secure its Nasdaq listing, and transfer control of the company to its creditors. For investors, it’s essentially a full wipeout and marks the conclusion of Argo’s era as a pioneer in Britain’s public-market crypto landscape.
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