Debt-for-Equity Swap Hands Growler Mining Control of Argo Blockchain
Growler Mining has taken an 87.5% stake in Argo Blockchain through a debt-for-equity restructuring filed under the UK Companies Act. The deal converts $7.5 million in secured loans and provides new funding, leaving unsecured bondholders with 10% and existing shareholders with just 2.5%. The MOVE aims to prevent insolvency while preserving Argo's Nasdaq listing.
Argo will delist from the London Stock Exchange, ending its six-year run as one of Britain's few publicly traded crypto firms. Its shares will continue trading on Nasdaq if requirements—including a reverse stock split by January 2026—are met. The company maintains its London incorporation but will focus exclusively on US capital markets.
Once a pioneer as the first crypto firm to list on the LSE in 2018, Argo raised $32 million at a $61 million valuation. Operational challenges have since eroded profitability, forcing this drastic recapitalization to secure its future.
