In the dimly lit theater of financial folly, Argo Blockchain, once a darling of the crypto stage, now finds itself in the clutches of its largest lender, Growler Mining. 🦴 With a debt-for-equity swap that would make even the most jaded financier chuckle, Growler has seized 87.5% of the struggling miner, leaving existing shareholders with a pittance-a mere 2.5% stake. Ah, the cruel humor of the market! 😂
The restructuring, filed under the UK Companies Act, reveals that Growler will convert $7.5 million in secured loans and provide fresh funds, all for the privilege of controlling Argo’s recapitalized equity. Bondholders, those poor souls, will collectively receive 10%, while current shareholders are left to ponder their misfortune. 🥴 This court-supervised charade, dubbed Project Triumph, aims to stave off insolvency and preserve Argo’s Nasdaq listing. A triumph, indeed-for Growler. 🎭
“Unless the Plan Company [Argo] implements a restructuring of its balance sheet,” the miner laments, “it will be unable to obtain the funding it needs and will be insolvent on both a cash flow basis and a balance sheet basis.” A tragic monologue, delivered with all the gravitas of a Shakespearean fool. 🤡
Argo’s Farewell to the LSE
Argo will also delist from the London Stock Exchange, ending its six-year run as one of the UK’s few publicly traded crypto companies. Its shares will continue to trade on Nasdaq, provided the firm meets compliance conditions, including a planned reverse stock split before January 2026. A reverse split-because nothing says “we’re doing great” like shrinking your shares. 📉
The company remains headquartered in London, but its capital-market focus will shift entirely to the United States. In 2018, Argo became the first cryptocurrency company to list on the London Stock Exchange, raising $32 million for a valuation of $61 million. Ah, the halcyon days of crypto euphoria-how quickly they fade. 🌪️
The filing reveals that Argo’s Bitcoin (BTC) output has plummeted over the past two years, from nearly six coins a day in 2022 to barely two in 2024. Aging machines and high energy costs have crushed profitability, leaving the miner gasping for breath. The Helios facility in Texas has been sold to Galaxy Digital, leaving operations concentrated in Canada’s Baie-Comeau site and US hosting centers in Tennessee and Washington State. A once-grand fleet, now reduced to a shadow of its former self. 🚢💨
The End of an Era-or Is It?
Growler’s takeover includes a plan to inject “Exit Capital” and transfer ownership of Growler USCo, a subsidiary with fresh mining assets, into Argo in exchange for new shares. This gives the lender operational control and the means to refresh Argo’s outdated fleet before it becomes obsolete in 2026. A lifeline, perhaps, but one that comes with strings-very tight strings. 🎻
If approved by the High Court of England and Wales, the restructuring will erase most of Argo’s debt, rescue its Nasdaq listing, and hand control to its creditors. For investors, it’s a near-total wipeout, and the end of Argo’s era as one of Britain’s public-market crypto pioneers. But fear not, dear reader, for in the world of finance, as in life, the show must go on. 🎬
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2025-10-21 14:11