Argo Blockchain on the Brink of a dump: Creditor Takes Control with Historic Agreement

The British mining company Argo Blockchain is undergoing a radical restructuring. Its largest creditor, Growler Mining, will take control of the company through a debt-to-equity conversion — and current shareholders are taking a heavy loss.

The numbers say it all:

• Growler converts $7.5 million in loans and gains 87.5% of the company
• Holders of (bonds of $40 mi) receive 10%
• Current shareholders? Only 2.5% — practically zeroed out

This agreement ( dubbed “Project Triumph” ) still needs to be approved by the British courts, but the goal is clear: to avoid insolvency and keep Argo listed on Nasdaq.

Why did it come to this point?

Argo was historic in 2018 — the first cryptocurrency miner to list on the London Stock Exchange. It raised $32 million with a valuation of $61 million. But since then, the business has collapsed:

• 2022: 6 bitcoins mined per day
• 2024: only 2 bitcoins per day (drop of 67%)

Old equipment + high energy costs = zero profitability. The company exits the LSE ( 6 years of history ) and completely shifts its focus to the American Nasdaq.

Growler will inject new capital and modern mining assets before 2026 — when the current equipment will become obsolete. Basically: take the company, modernize it or go bankrupt.

For the shareholders? It's practically a total loss. The end of the era of Argo as a pioneer of crypto on the British stock exchange.