Member Info for LongInvestor

Galaxy “similar in structure to Berkshire Hathaway” - lol, tldr, they are comparing GLXY to one of the most successful companies….. was it written by PW? :)

So, JPM has closed their positions and as of today, July 15th, the 180-day grace period for Argo to meet the Nasdaq's $1.00 minimum bid price has expired.

What this means:

- Imminent Delisting Notice: Nasdaq is now expected to issue a formal delisting determination letter to Argo.

- Company's Next Move: Argo will have a short window (7 calendar days) to appeal this decision to a Nasdaq Hearings Panel.

- Trading Status: If Argo appeals, trading will likely continue on Nasdaq until a final decision is made. If they do not appeal, trading will be suspended and the shares will be delisted within a few weeks.

The company's London Stock Exchange (LSE) listing is not directly affected. The focus now shifts to whether Argo will appeal and what plan they can present to save the Nasdaq listing, likely involving their proposed restructuring plan.

Here’s AI’s view

Market-Making and Liquidity Provision

• Explanation: J.P. Morgan Securities LLC, as a major broker-dealer and market maker, likely facilitates trading in Argo Blockchain’s ADRs (ticker: ARBK) on Nasdaq. The increase in holdings could reflect their role in acquiring ADRs to provide liquidity for clients, such as institutional or retail investors, who are trading in response to the restructuring news. Market makers often hold securities temporarily to balance buy and sell orders, profiting from the bid-ask spread or transaction fees rather than long-term investment gains.

• Why Credible?: J.P. Morgan is known for market-making activities in securities, including ADRs, as noted in their role as a broker-dealer registered with the SEC and a member of FINRA. The significant portion of their holdings in ADRs (7.871704% out of 8.266788%) suggests they are managing trading activity rather than taking a long-term equity position. The restructuring announcement likely increased trading volume and volatility, prompting J.P. Morgan to accumulate ADRs to stabilize the market or meet client demand.

• Context with Cancellation: Even though the shares/ADRs will be cancelled, market makers like J.P. Morgan can profit from short-term trading activities before the restructuring is finalized (targeted for November 30, 2025). They may be absorbing sell orders from exiting shareholders or facilitating speculative buying, expecting to offload these ADRs before the cancellation occurs.

“ Can anyone explain why it states they have acquired financial instruments rather than shares?”

It’s because they are buying the ADR’s which are classified as financial instruments…

I asked various AI’s earlier why JPM would be buying, the most likely from the offered suggestions was that JPM are working as a market maker, so they are taking the other side of the trades, which would explain why we haven’t seen big trades going through.

The value of the 8.x% stake they have so far was roughly bought for $800k

Hey all,

There is a lot of knowledge in the ARB forum, as they are about to liquidate, I have suggested this be our new home. We are all crypto / BTC / blockchain investors…..

…. I suggest the DAGB forum here at Lse, we are all interested in everything BTC related, miners, treasurers etc DAGB covers them all so we would always be on topic!

Anyone that’s interested, please make a post over there:)

Argo is acknowledging the strong shareholder backlash against dilution, board pay, and re-appointments. They’ll give a formal follow-up in due course, but the overall restructuring plan that wipes out existing shareholders is still proceeding. This AGM / statements doesn’t materially alter the risk.

The rise today, along with large volume is highly likely to be shorts closing. Short interest was 2.3% of float, you can do the maths to see if this short closing (buying) will continue or not.

86KB, here’s what ChatGPT says about it

🚨 Just to clarify:

It’s a common misconception that Growler would be forced to make a buyout offer to existing shareholders under Rule 9 of the Takeover Code. Actually, that’s not how this is set up.

✅ Under the restructuring plan:

• Existing shares are expected to be cancelled and extinguished on the Effective Date, with only a tiny nominal payout.

• So shareholders are likely to be wiped out, not bought out at a premium.

✅ Regarding Rule 9 (mandatory takeover offer):

• Yes, Growler acquiring >30% normally triggers a mandatory offer.

• But the company is specifically seeking a waiver, so Growler won’t have to make a buyout offer to remaining shareholders.

• If shareholders approve the waiver, or if the Takeover Panel grants a special exemption because Argo is in serious financial trouble (a “rescue” dispensation), there is no takeover offer at all.

So unfortunately the shares are still at serious risk of becoming essentially worthless, because the court-approved restructuring would override all of this.

📅 Expected timeline for the restructuring

• By 29 August 2025

📝 Argo aims to present the Restructuring Plan to the High Court in England & Wales.

• September–October 2025

⚖️ Court process continues, including:

• Convening hearing to approve the creditor/member classes & voting meetings.

• Meetings of creditors (and possibly members) to approve the plan (needs 75% by value).

• November 2025

👩‍⚖️ Sanction hearing — court decides whether to approve the plan, even if shareholders vote against, provided they are no worse off than in liquidation.

• By 30 November 2025

✅ If approved, the plan becomes effective, shares are cancelled, and Growler takes control.

⸻

✅ Summary:

So realistically, by late November, current shares could be extinguished with only a small nominal payout, completing the restructuring.

Did everyone just get up an leave?, Only the CEO turned up, read out a statement about the RNS and didn't really answer any questions, apart from saying 'I don't know' or 'I've already answered what happened'?

Meeting ajourned after 20 mins silence due to no quorum

Here’s a ChatGPT summary of the key points from the announcement that shareholders, should be aware of — including how it’s likely to affect the share price:

🔑 Key points

• Proposed restructuring to avoid insolvency:

Argo is implementing a court-sanctioned restructuring plan to address serious liquidity issues that threaten its ability to continue as a going concern.

• Growler will effectively take control:

• Growler Mining will provide up to $7.5m in secured loans (at high interest), and later inject more cash (“Exit Capital”).

• In return, Growler could end up owning at least 80% of Argo’s shares.

• Existing shareholders will have their shares cancelled and extinguished, receiving only a nominal payment.

• Bondholders to get equity:

Holders of ~$40m in bonds will swap their debt for new shares, diluting current shareholders.

• Shares on LSE may be delisted:

The company expects its London Main Market listing to be cancelled, but intends to keep its NASDAQ listing.

• Court process underway:

Expected to be completed by November 2025. If shareholders don’t approve the plan, the company will try to get it sanctioned by arguing shareholders are no worse off than in liquidation.

• New chair appointed:

Matthew Shaw resigned as Chair; Maria Perrella has been appointed.

⸻

📉 Likely impact on share price

• The plan implies that current shares will be wiped out, with only a token payout.

• This is effectively a near-total loss of equity value for existing shareholders.

• The share price will likely fall towards nominal levels as the market prices in the high probability of dilution or cancellation.

⸻

✅ Bottom line:

As a shareholder, you are facing near-total dilution or cancellation of your shares under the restructuring. The share price is therefore likely to decline sharply or trade at levels reflecting only the minimal expected payout. This is essentially a last attempt to save the company from outright insolvency.

What a difference a week makes. as I said, they were due to fall. Hope everyone got out in profit?

FWIW, as prices stand, to get mNAV the same as Strategy, SWC would be £0.52 and coin would be £0.03 - be prepared for further downside before buying in.

Jimmy, I sold most of my miners and ploughed it in MSTR last year, MSTR is up 2,837% over last 5yrs, SWC is up 16,960% in 3 months!! Coin is up 2,820%…

These will come crashing down soon and money will rotate into the next treasury co.

@Jimmy Stocks - You can purchase BTC at $101k each today, why would you want to pay over 40-50x that for each BTC equilivent?? - In order for these companies to buy more BTC, they will need to raise more funds / dilute shareholders further, so at todays valuations, 40-50 mNAV are bonkers valuations.

In case those numbers don’t make sense, if we take Strategy as an example. They currently own 592,100 BTC which has a market value of $61.1b. Their MarketCap is currently $103.2b, if you divide the two you get a mNAV of 1.69 - this means you are paying a premium of 0.69 above the cost of spot BTC.

SWC has a mNAV of 41.5 which means shareholders are effectively paying $4,280,485 per BTC !!!

It seems mNAV (Market Net Asset Value) is becoming the metric used on these treasuries, just calculated a few with surprising results! The last number is the price BTC would need to be for a 1:1 valuation.

Strategy = 1.69 : $174,320

CEP/XXI = 2.81 : $290,105

Blockchain Group = 4.46 : $460,819

Nakamoto = 10.14 : $1,048,474

Smarter Web Co = 41.43 : $4,280,485

Coinsillium = 55.78 : $5,762,634

Metaplanet = 1,045.53 : $106,987,181

NOTES: Not included any BTC equivalent for any other assets owned by the companies e.g. NAKA hold shares in several of above but exact numbers not yet disclosed.

Metaplanet stood out for me, didn’t realise they were bigger than MSTR with a current mCAP is $1.07trillion!!

£10 ?? - SWC currently have 346.63 BTC = $36.3m - their current mCAP is $1288.4m which means it’s trading over 35x its HODL today…. At £10 per share would mean its trading at 81x with current Btc price, what would justify that valuation?

COIN and SWC are overvalued currently, remember those saying the same about ARB in ‘21 - don’t forget to take some profits!

Wow, congrats all you COIN (109%) and SWC (56%) holders!!! - None of my brokers list them unfortunetly :(

... I have taken a few NAKA who helped to start ALTBG, MTPLF and SWC, they hold shares in these companies that are taking off but I don't think the market has caught on yet? - I suspect there will continue to be rotations across these new treasury companies for a while yet so don't forget to take some profits! :)

NAKA was previously KDLY (Kindly MD) and will merge to become Nakamota, CEO to be David Bailey (ex Trump advisor for Crypto) - NAKA's point of difference, besides to become a BTC treasury, is they are helping more companies to do the same thing, taking shares in those new companies then selling to buy more BTC in NAKA.

They were involved in setting up Metaplanet (David's now on their board) for example which has done well! - They apparently plan another 50 of the same.

Has anyone else noticed that all these BTC treasury companies seem to be following the same patterns... euphoria at the start, the over inflated price then drops ~50-60% from the ATH before proceeding to rise again? - For SWC, that would mean a good time to buy would be when it drops to around 50p - NAKA is at the -50% level now so will be interesting to watch! (and/or a good time to buy)

Be careful trading CEP pre-merger as they haven't yet released the detail which defines how much CEP holders will get of the new XXI company. My research (with assistance of AI to scan all the SEC docs) puts the total shares in the new company at ~367million with an estimated HODL of 42k BTC - at current BTC/CEP prices, it's trading at 3.24x the value of it's BTC treasury, compared to MSTR which is currently trading at 1.58x

I will purchase XXI/CEP at some point but not at these multiples as I expect a big drop before/during the conversion to XXI - NAKA (ex KDLY) is another one to watch, their website says next update will be at the Bitcoin Conference (last day today), in which they are one of the main sponsors. It's another merger / BTC treasury company with David Bailey (Trumps crypto advisor) as the co-founder.