Bitcoin-backed loan agreement

LONDON, UK: Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB), has entered into a £18.05 million (US $25 million) loan agreement with a maturity date of 29 October 2021 with Galaxy Digital LP, using a portion of the Company’s Bitcoin holding as collateral.

The Company’s outstanding loan with Galaxy Digital of £14 million ($20 million) will be rolled into the new loan agreement, resulting in a total outstanding principal amount of £32.05 million ($45 million).

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

The loan will enable Argo to retain its current Bitcoin holding, whilst further expanding its mining operations. Argo is delighted to continue working with Galaxy as its financing partner.