Argo Blockchain's largest creditor, Growler Mining, is taking control of this troubled cryptocurrency miner through debt-to-equity conversion, leaving existing shareholders with only a small stake in the company. According to a restructuring plan submitted under UK company law, Growler will convert approximately $7.5 million in secured loans and provide new funding in exchange for a 87.5% stake in Argo through capital restructuring.

Holders of Argo's $40 million unsecured bonds will collectively receive a 10% stake, while existing shareholders will retain only a 2.5% stake. The transaction is part of a court-supervised restructuring plan (known as the "Victory Plan") aimed at preventing the company from going bankrupt and maintaining its listing on Nasdaq.