Argo Blockchain, a prominent cryptocurrency mining company, is undergoing a significant restructuring to avoid insolvency after falling into deep financial trouble. Its primary lender, Growler Mining, will take control through a court-supervised debt-for-equity swap under Project Triumph, filed under the UK Companies Act. Growler will convert approximately $7.5 million in secured loans and provide new funding in exchange for 87.5% of Argo's recapitalized equity.
This arrangement leaves unsecured bondholders with a 10% stake and existing shareholders with only 2.5%, effectively wiping out most of the current equity value. Argo emphasized that without this plan, the company would be insolvent on both a cash flow and balance sheet basis, citing an inability to service senior unsecured notes and limited liquidity, with reports of as little as $866,000 available at one point.
As part of the restructuring, Argo will delist from the London Stock Exchange, ending its six-year run as one of the UK's few publicly traded crypto firms, but it will maintain its Nasdaq listing. To meet compliance, Argo must execute a reverse stock split before January 2026. The company, incorporated in the UK with a major office in London, will now focus exclusively on U.S. capital markets.
Operational challenges have severely impacted Argo, including outdated mining equipment and high energy costs, leading to a sharp decline in Bitcoin output from nearly six coins per day in 2022 to fewer than two in 2024. Previously, Argo sold its Helios facility in Texas to Galaxy Digital and now concentrates mining at sites in Baie-Comeau, Canada, and hosting centers in Tennessee and Washington State.
Key court dates include a first hearing on 5 November 2025, plan meetings for voting on 28 November 2025, and a sanction hearing on 8 December 2025. Stakeholders, including shareholders and noteholders, risk substantial value losses, and a retail advocate has been appointed to represent non-institutional investors. If approved, the plan will allow Argo to continue operations and avoid liquidation.
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