Argo Blockchain secures $20 million bitcoin backed loan

Argo Blockchain secures $20 million bitcoin backed loan 1

LONDON, UK: Argo Blockchain, a global leader in cryptocurrency mining, has secured a £14 million ($20 million) loan agreement for a term of six months with Galaxy Digital LP using a portion of the Company’s Bitcoin holding as collateral.

The proceeds of the loan will be used, in conjunction with the funds raised previously, to continue the build out of the Company’s West Texas data centre and to meet the Company’s operating cash flow requirements.

It will allow Argo to retain its current Bitcoin holding, whilst further expanding its mining operations. Argo is delighted to have worked with Galaxy as its financing partner and looks forward to building a solid relationship with Galaxy going forwards.

Peter Wall, Chief Executive of Argo, said: “We are delighted to work with Galaxy Digital LP as we pursue our growth plans, and to form a solid relationship with them as a financing partner. This agreement allows Argo to secure competitive terms on a loan facility while also allowing us to continue to HODL our Bitcoin.”

Amanda Fabiano, Head of Mining, and Luka Jankovic, Head of Lending, at Galaxy Digital, said: “Galaxy is committed to creating tailored financial solutions to support miners. We are happy to provide Argo capital financing and products allowing them to scale and evolve.”

Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB and on the OTCQX Best Market in the United States under the ticker: ARBKF.

Argo Blockchain PLC share price

135.00 GBX0.00 (0.00%) today

28 Jun, 4:39 pm GMT+1 ·Disclaimer

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