Argo Blockchain’s main creditor, Growler Mining, is acquiring a commanding 87.5% ownership of the troubled cryptocurrency mining firm through a significant debt-for-equity swap. This transaction will effectively push Argo to leave the London Stock Exchange (LSE) while continuing to operate on Nasdaq, contingent upon fulfilling compliance requirements.

Growler Mining is set to convert approximately $7.5 million in secured loans and provide additional capital as part of the agreement. Consequently, existing shareholders will find their equity stake drastically reduced to just 2.5%, while bondholders holding $40 million of unsecured notes will collectively secure a minimal 10% of the total company equity.

Restructuring Plan Details
The proposed restructuring plan, labeled Project Triumph, aims to prevent insolvency for Argo and keep its Nasdaq listing intact as it transitions its market focus entirely to the United States. Notably, Argo’s Bitcoin production has suffered notable declines over the last two years, down from approximately six coins daily in 2022 to less than two in 2024. This downturn has been attributed to diminutive profitability stemming from aging mining equipment and high energy expenses.

If sanctioned by the High Court of England and Wales, this restructuring will eliminate much of Argo’s debt while handing over control to its creditors. The outlook appears grim for investors as this takeover signals a dramatic shift, marking the end of Argo’s tenure as one of Britain’s early publicly traded crypto companies.