Growler Mining Takes Over Argo Blockchain in Debt Swap

Argo Blockchain will delist from the London Stock Exchange as creditor Growler Mining converts $7.5 million in debt for an 87.5% equity stake, ending Argo’s UK era.

Growler Mining seizes control through debt-for-equity deal

Crypto mining firm Argo Blockchain is set to lose control to its main lender, Growler Mining, through a debt-for-equity swap that hands the creditor 87.5% ownership. Filed under the UK Companies Act, the restructuring plan allows Growler to convert $7.5 million in secured loans and inject new funds to recapitalize the struggling miner.

Bondholders of Argo’s $40 million unsecured notes will receive 10% of the new equity, while current shareholders are left with just 2.5%. The restructuring, known as Project Triumph, aims to avert insolvency and preserve the company’s Nasdaq listing.

Argo said it would be insolvent both on a cash flow and balance sheet basis without this plan.

Argo exits London Stock Exchange amid restructuring

As part of the deal, Argo will delist from the London Stock Exchange (LSE) after six years of trading, while keeping its Nasdaq listing if it meets compliance conditions, including a reverse stock split before January 2026.

The company, still incorporated and headquartered in London, will now focus on U.S. capital markets. Argo became the first crypto firm to list on the LSE in 2018, raising about $32 million at a $61 million valuation.

Over the past two years, its Bitcoin output has dropped from around six BTC per day to fewer than two, hurt by aging rigs and rising electricity costs.

End of Argo’s era as UK’s crypto pioneer

Growler’s plan also includes new funding, called Exit Capital, and the transfer of assets from Growler USCo, a subsidiary with new mining infrastructure. This gives the creditor operational control and the ability to modernize Argo’s fleet ahead of 2026.

If approved by the High Court of England and Wales, the restructuring would eliminate most of Argo’s debt, rescue its Nasdaq listing, and officially end Argo’s run as Britain’s public crypto-mining pioneer.