PANews reported on October 21st that Growler Mining, the largest lender to the troubled crypto mining company Argo Blockchain, is taking over the company through a debt-for-equity swap. Under the plan, existing shareholders will retain only a small stake in the company. A restructuring plan filed under UK Companies Act shows that Growler will convert $7.5 million in secured loans into equity and provide additional financing in exchange for an 87.5% stake in the reorganized Argo. Concurrently, holders of $40 million in unsecured bonds will receive a 10% stake, leaving existing shareholders with only 2.5%. The transaction is part of a court-supervised restructuring plan called "Project Triumph," aimed at avoiding bankruptcy and maintaining its Nasdaq listing. Argo has warned that without a balance sheet restructuring, the company faces bankruptcy due to cash flow and balance sheet issues. In addition, Argo will delist from the London Stock Exchange, ending its six-year listing in the UK. Subject to meeting regulatory requirements, its shares will continue to trade on the Nasdaq, shifting the company's capital market focus to the US. Due to aging equipment and high energy consumption, Argo's daily Bitcoin production has plummeted from nearly six in 2022 to less than two in 2024, significantly reducing profitability.PANews reported on October 21st that Growler Mining, the largest lender to the troubled crypto mining company Argo Blockchain, is taking over the company through a debt-for-equity swap. Under the plan, existing shareholders will retain only a small stake in the company. A restructuring plan filed under UK Companies Act shows that Growler will convert $7.5 million in secured loans into equity and provide additional financing in exchange for an 87.5% stake in the reorganized Argo. Concurrently, holders of $40 million in unsecured bonds will receive a 10% stake, leaving existing shareholders with only 2.5%. The transaction is part of a court-supervised restructuring plan called "Project Triumph," aimed at avoiding bankruptcy and maintaining its Nasdaq listing. Argo has warned that without a balance sheet restructuring, the company faces bankruptcy due to cash flow and balance sheet issues. In addition, Argo will delist from the London Stock Exchange, ending its six-year listing in the UK. Subject to meeting regulatory requirements, its shares will continue to trade on the Nasdaq, shifting the company's capital market focus to the US. Due to aging equipment and high energy consumption, Argo's daily Bitcoin production has plummeted from nearly six in 2022 to less than two in 2024, significantly reducing profitability.

                                                                               Lawmakers in the US House of Representatives and Senate met with cryptocurrency industry leaders in three separate roundtable events this week.                     Members of the US Congress met with key figures in the cryptocurrency industry to discuss issues and potential laws related to the establishment of a strategic Bitcoin reserve and a market structure.On Tuesday, a group of lawmakers that included Alaska Representative Nick Begich and Ohio Senator Bernie Moreno met with Strategy co-founder Michael Saylor and others in a roundtable event regarding the BITCOIN Act, a bill to establish a strategic Bitcoin (BTC) reserve. The discussion was hosted by the advocacy organization Digital Chamber and its affiliates, the Digital Power Network and Bitcoin Treasury Council.“Legislators and the executives at yesterday’s roundtable agree, there is a need [for] a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future,” Hailey Miller, director of government affairs and public policy at Digital Power Network, told Cointelegraph. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.“Read more