Argo Blockchain (NASDAQ: ARBK) finalized a restructuring plan on Tuesday that eliminates $40 million in senior debt.
The transaction closes a reorganization formally approved by the High Court of Justice in England and Wales on December 11.
The plan equitized $40 million in outstanding 8.75% senior notes due 2026 to strengthen Argo’s balance sheet. This reorganization leaves Argo debt-free, excluding a $472k remaining mortgage on its Baie-Comeau facility in Quebec, Canada.
Argo increased its nameplate hashrate capacity from approximately 1.8 EH/s to 2.4 EH/s as part of the operational overhaul. The miner expanded its self-mining capacity to 28.5 MW through the acquisition of 13.5 MW of infrastructure in Alabama.
Management secured additional electrical assets including transformers and switchgear to support up to 65 MW of incremental deployment at future sites. The company also deployed 1,400 Z11 miners to mine Zcash following the asset’s recent price rally.
Argo’s restructuring follows a period of financial strain that began shortly after it listed on the Nasdaq in September 2021.
To avoid bankruptcy during the 2022 market downturn, the company sold its flagship Helios facility to Galaxy Digital for $65 million while retaining a hosting agreement.Financial pressures persisted into 2025 and resulted in a Nasdaq delisting notice in July after Argo’s share price dropped below the minimum bid requirement.
This week’s closing marks the conclusion of these stabilization efforts, with Argo saying that it is “exploring opportunities in artificial intelligence (AI) and high-performance computing (HPC)” now that it is on its feet again.
