In a dramatic turn for one of Britain’s few publicly traded crypto miners, Argo Blockchain is set to delist from the London Stock Exchange (LSE) after its principal creditor, Growler Mining, seized control through a sweeping debt-for-equity swap. The move, part of a court-supervised restructuring known as Project Triumph, will leave existing shareholders with just a 2.5% stake in the recapitalised company.
Under the restructuring plan filed under the UK Companies Act, Growler will convert around $7.5 million in secured loans into equity, taking an 87.5% ownership stake in the miner. Meanwhile, bondholders of Argo’s $40 million unsecured notes will collectively receive 10% of the company’s shares.
The drastic reorganisation aims to prevent insolvency, safeguard Argo’s Nasdaq listing, and inject the liquidity required to stabilise the company after two years of operational decline.
Delisting Marks End of Argo’s UK Public Market Era
Once a proud symbol of Britain’s crypto ambitions, Argo Blockchain’s exit from the London Stock Exchange marks the end of a six-year chapter for one of the UK’s earliest digital asset ventures to go public.
Argo first listed in 2018, raising roughly $32 million at a $61 million valuation. At the time, it was hailed as a milestone for London’s capital markets embracing digital finance. But the company’s fortunes have since waned amid soaring energy costs, tightening credit conditions, and a prolonged downturn in Bitcoin mining economics.
Although the firm will maintain its London headquarters, its capital-market focus will now shift entirely to the United States. Its shares will continue to trade on Nasdaq, subject to compliance with listing requirements, including a reverse stock split planned before January 2026 to boost its share price.
Mining Decline and Strategic Shifts
Argo’s operational troubles have been mounting for years. The company’s Bitcoin production has plummeted, from nearly six BTC per day in 2022 to barely two in 2024, as aging equipment and rising electricity costs cut deeply into profitability.
To raise cash and reduce liabilities, Argo previously sold its flagship Helios mining facility in Texas to Galaxy Digital, once considered its growth engine. Following the sale, the company’s remaining operations are now concentrated in Baie-Comeau, Canada, along with US hosting sites in Tennessee and Washington State.
According to filings, the new structure will allow Growler to inject fresh capital, known as “Exit Capital,” and transfer ownership of its subsidiary, Growler USCo, which holds new mining assets, into Argo. This infusion aims to rejuvenate Argo’s infrastructure and prepare the company for the next Bitcoin halving cycle in 2026.
Court-Supervised Lifeline for a Struggling Miner
The restructuring plan still requires approval from the High Court of England and Wales, but if sanctioned, it will effectively wipe out most of Argo’s debt, preserve its US market presence, and give Growler operational control of the company.
Argo’s management made clear that without this plan, the company faced imminent insolvency.
“Unless the Plan Company implements a restructuring of its balance sheet, the Plan Company will be unable to obtain the funding it needs and will be insolvent on both a cash flow basis and a balance sheet basis,” the firm said in its filing.
For existing shareholders, however, the deal represents a near-total loss. The 2.5% residual stake effectively erases years of equity value, ending Argo’s journey as one of the UK’s most visible blockchain companies.
End of an Era, and a Transatlantic Rebirth
Growler’s takeover signals both an end and a new beginning. While the move closes the chapter on Argo’s British public market legacy, it offers a potential rebirth as a leaner, US-focused mining company backed by fresh assets and capital.
With Growler in control, the priority will be to modernise Argo’s outdated mining fleet, reduce costs, and restore consistent Bitcoin production. Yet, the path ahead remains uncertain. Success will depend on Bitcoin’s market recovery, the efficiency of new-generation rigs, and Argo’s ability to rebuild investor confidence after one of the most drastic restructurings in the UK crypto sector.
As the High Court prepares to review Project Triumph, Argo’s delisting marks a symbolic moment, the fall of Britain’s flagship crypto miner, reshaped under creditor control and reborn under American influence.
For the UK’s digital asset industry, Argo’s collapse underscores a harsh reality: crypto pioneers that fail to adapt may find themselves mined out of existence.
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