TLDR
- Growler Mining will hold 87.5% of Argo Blockchain after restructuring.
- Argo shareholders keep only 2.5% as part of the Project Triumph plan.
- The company will delist from LSE but remain listed on Nasdaq.
- Bitcoin output fell from six coins a day in 2022 to two in 2024.
Argo Blockchain is undergoing a major ownership shift after its largest creditor, Growler Mining, moved to take control through a debt-for-equity swap aimed at averting insolvency. The restructuring, filed under the UK Companies Act, will see Growler convert roughly $7.5 million in secured loans into equity and inject fresh capital into the business.
Under the terms of the plan, named Project Triumph, Growler will secure 87.5% of Argo’s recapitalized shares, leaving existing shareholders with a small minority stake. The agreement seeks to stabilize the struggling crypto miner and preserve its Nasdaq listing amid ongoing financial strain.
Debt-for-Equity Restructuring and Ownership Breakdown
The restructuring allocates Argo’s remaining equity between several groups following the conversion. Bondholders holding approximately $40 million in unsecured notes will receive 10% of the new shares, while current shareholders retain only 2.5%. The company stated in its court filing that without this balance sheet restructuring, it would face insolvency on both a cash flow and balance sheet basis. The plan also includes a provision for “Exit Capital,” a funding package from Growler intended to provide working capital and renew operational capacity.
Meanwhile, Growler Mining will transfer ownership of its subsidiary, Growler USCo, to Argo in exchange for new shares. This subsidiary includes newer mining assets that could help replace Argo’s aging fleet. The deal gives Growler effective control of Argo’s operations and the ability to refresh mining infrastructure that has become less efficient in recent years.
Shift in Market Focus and LSE Delisting
As part of the restructuring, Argo will delist its shares from the London Stock Exchange, ending a six-year listing period that began in 2018. The company will retain its incorporation and headquarters in London but will now focus entirely on U.S. capital markets. Argo’s shares will continue to trade on Nasdaq, subject to compliance conditions, including a planned reverse stock split before January 2026. The shift underscores the company’s move to streamline its market presence as it seeks financial recovery under new ownership.
Notably, Argo was the first cryptocurrency firm to list on the London Stock Exchange, raising around $32 million at a valuation of $61 million during its debut. The delisting marks a significant change in its capital-market strategy following years of declining performance.
Operational Impact and Mining Performance Decline
Argo’s operational output has weakened sharply over the past two years. Its Bitcoin production fell from nearly six coins per day in 2022 to about two per day in 2024. Rising energy costs and aging mining equipment significantly reduced profitability.
In an earlier move to stabilize its finances, Argo sold its Helios facility in Texas to Galaxy Digital. The company’s remaining operations are now concentrated in Baie-Comeau, Canada, along with hosting centers in Tennessee and Washington State.
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