Argo Blockchain will remove itself from the London Stock Exchange after its main creditor seized control through a court-supervised restructuring that dramatically shrinks existing shareholders’ stake.
Notably, the move marks the end of Argo’s six-year run as one of Britain’s few public crypto miners and shifts the company’s market focus to the United States.
Creditor takes control of Argo Blockchain
Growler Mining, Argo’s largest lender and a supplier of mining equipment, will convert roughly $7.5 million of secured loans and provide fresh funding in exchange for 87.5% of the company’s recapitalised equity as part of the restructuring plan, filed under the UK Companies Act.
Bondholders of Argo’s $40 million in unsecured notes are set to receive about 10% of the restructured business, while current shareholders would retain only 2.5%.
The recapitalisation sits at the centre of a court-supervised plan called Project Triumph.
If the High Court of England and Wales approves the plan, most of Argo’s existing debt will be erased, and control will pass to its creditors rather than its public investors.
London Stock Exchange exit confirmed
Argo confirmed it will delist from the London Stock Exchange, with the delisting expected to take effect on 9 December 2025.
The company said UK shareholders will keep their legal rights after the delisting, but they will no longer benefit from the additional regulatory protections offered by the UK market.
Argo’s shares plunged in reaction to the announcement, with opening prints falling more than 15.38% in early trading and later prints showing significant declines.
The company disclosed it has drawn $5.38 million of a $7.5 million loan facility from Growler, highlighting how urgent the funding need has become.
Argo’s restructuring aims to avoid insolvency
Argo Blockchain told investors that, without the restructuring, it would be unable to obtain the funding required and would face insolvency on both a cash flow and balance sheet basis.
The debt-for-equity swap is presented as a rescue that replaces unsustainable liabilities with new capital and operational support.
Part of the deal, described as “Exit Capital,” would also transfer ownership of Growler USCo — a unit with newer mining assets — into Argo in exchange for shares, a move designed to give the lender operational control and modernise an ageing fleet.
Argo has warned that many of its machines risk obsolescence by 2026, and the refresh is intended to avert a collapse in production.
Argo has already shifted its operational footprint by selling the Helios facility in Texas to Galaxy Digital and concentrating mining at its Baie-Comeau site in Canada, along with hosted operations in Tennessee and Washington State.
Investor impact and next steps
For many shareholders, the proposed plan represents a near-total wipeout of equity value, turning what was once a public-market success story into a creditor-led company focused on survival and recovery.
Argo was an early entrant to public markets when it listed in London in 2018, raising about $32 million and attracting significant attention as a pioneering crypto miner.
A successful restructuring would also preserve the company’s Nasdaq listing, but that remains conditional on meeting compliance steps, including a planned reverse stock split before January 2026.
Final approval from the High Court will decide whether Project Triumph proceeds, and the lender’s ability to inject capital and refresh mining assets will determine whether the company can stabilise operations and restore production.
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