Growler Mining takes control of Argo Blockchain in debt-for-equity swap, leaving existing shareholders with minimal stake. Plan includes converting $7.5M in loans for 87.5% equity. Bondholders get 10%, shareholders retain just 2.5%. Restructuring aims to prevent insolvency and keep Nasdaq listing. Argo to delist from LSE, focus on US market.

Argo’s Bitcoin output drops from 6 coins/day in 2022 to 2 in 2024 due to aging machines and high energy costs. Company sells Texas facility to Galaxy Digital, concentrates operations in Canada and US. Argo’s era as Britain’s public company ends with Growler’s takeover and plans for new capital injection.

Growler’s takeover involves injecting new capital, transferring mining assets to Argo, and refreshing outdated fleet. Restructuring aims to erase most debt, save Nasdaq listing, and give control to creditors. Investors face significant losses, marking the end of Argo’s legacy as a UK public-market crypto pioneer.

Read more at Cointelegraph.com

1. Bitcoin hits new record high of $60,000, driven by increased institutional interest and positive market sentiment.
2. Ethereum’s price surges to over $2,000 for the first time, following in Bitcoin’s footsteps.
3. Dogecoin sees a 25% jump in value after Elon Musk tweets about it, sparking renewed interest in the meme-based cryptocurrency.
4. NFT sales reach $1.5 billion in the first quarter of 2021, signaling a growing trend in digital art and collectibles.: Argo’s Creditor Growler Takes 87.5% Stake in the Miner in Debt Swap