Argo Blockchain is undergoing a significant restructuring, with creditor Growler Mining Tuscaloosa set to acquire a substantial 87.5% stake in the company. This move comes as the cryptocurrency miner seeks to avoid insolvency amidst prolonged financial strain.

The restructuring plan, which requires court approval in the UK, will significantly alter Argo's ownership structure. Growler Mining will become the majority shareholder, while existing shareholders will see their equity diluted to a mere 2.5%. Bondholders, who are owed approximately $40 million, will receive 10% of the equity in exchange for their debt.

Argo Blockchain has been facing increasing financial difficulties, which were first highlighted in its 2024 annual report. A prior plan to raise $40 million through convertible debt collapsed, and a key equity-linked deal with GEM Mining was terminated in March. The company's hosting agreement with Galaxy Digital also ended in 2024, forcing Argo to relocate mining machines and sell off others.

To support operations during the restructuring, Growler is providing a secured loan facility of up to $7.5 million to Argo, with $3.26 million already drawn. The loan carries a minimum 10% interest rate and may be converted into equity if the restructuring plan is finalized. Growler is also expected to contribute $25–$30 million in crypto assets to Argo's U.S. subsidiary.

As part of the restructuring, Argo intends to delist from the London Stock Exchange (LSE) while maintaining its Nasdaq listing. The delisting from the LSE is expected to take effect on December 9, 2025, with the last day of trading anticipated on December 8, 2025. After the delisting, Argo's shares will no longer be tradeable on the LSE, and the company will not be subject to UK Listing Rules.

The company has published a practice statement letter outlining how the rights and entitlements of shareholders and creditors could be affected. Argo is seeking a waiver from the UK Takeover Panel, as Growler's stake would exceed the 30% threshold that normally triggers a mandatory offer. Argo argues that the deal is a rescue of a company in serious financial difficulty.

Justin Nolan, CEO of Argo, stated that the restructuring plan gives Argo a clear path forward with a significantly deleveraged balance sheet and a long-term strategic investor in Growler. He emphasized that the transaction is the culmination of a months-long process designed to preserve Argo's operations and maximize value for its stakeholders.

The first court hearing for the Recapitalization Plan is anticipated to occur in late October 2025, and if sanctioned, the effective date of the Recapitalization Plan would be in early- to mid-December 2025. If the Recapitalization Plan is not consummated, the Company and its subsidiaries may be required to pursue insolvency proceedings in the UK, U.S., and Canada.

In conjunction with the restructuring, Matthew Shaw stepped down as chairman, and Maria Perrella has assumed the role.