Growler Takes 87.5% of Argo Blockchain in Restructuring Deal

Growler Mining, Argo Blockchain’s largest secured lender, will convert $7.5 million in loans into equity via a debt-for-equity swap under the court-supervised Argo Blockchain restructuring. This debt-for-equity swap will hand Growler an 87.5% stake, with unsecured bondholders receiving 10% and existing shareholders reduced to 2.5%. The recapitalization avoids insolvency, wipes out most of Argo’s debt and injects fresh funding to upgrade aging mining rigs. As part of the Argo Blockchain restructuring, Argo will delist from the London Stock Exchange and focus on its Nasdaq listing, contingent on a reverse stock split by January 2026. Bitcoin production has fallen from nearly six BTC per day in 2022 to two per day in 2024 due to high energy costs and outdated hardware. Argo sold its Texas Helios facility to Galaxy Digital and will concentrate operations in Canada’s Baie-Comeau and US centres in Tennessee and Washington. Growler’s exit capital will fund fleet upgrades and new rigs. Pending High Court approval, control will shift to creditors, marking a near-total wipeout for existing shareholders and ending Argo’s status as one of the UK’s few public crypto miners.