Argo Blockchain receives $20M Bitcoin-backed loan from Galaxy Digital for Tex...

Argo Blockchain receives $20M Bitcoin-backed loan from Galaxy Digital for Tex...

The U.K.-based mining firm's announcement comes amid the country's Financial Conduct Authority cracking down on crypto exchanges. Galaxy Digital has issued a $20 million loan to United Kingdom-based crypto mining company Argo Blockchain for building a data center in West Texas.In a Tuesday announcement from Argo, the firm said it secured 14 million euros — roughly $19.4 million at the time of publication — in a six-month loan agreement from Galaxy Digital using a portion of its Bitcoin (BTC) holdings as collateral. According to Argo, the proceeds of the loans, along with cash raised from....


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Argo Blockchain secures $25M Bitcoin-backed loan from Galaxy Digital

The Bitcoin mining giant has entered into another BTC-backed loan agreement with Galaxy Digital as it pursues further operational expansions. Argo Blockchain has secured another loan agreement from Galaxy Digital LP with the mining firm’s Bitcoin (BTC) as collateral.According to an announcement by the London Stock Exchange on Friday, the new Bitcoin-backed loan agreement is to the tune of 18.05 million pounds (about $25 million).As previously reported by Cointelegraph, Argo entered into a prior BTC-backed loan agreement with Galaxy Digital for $20 million back in June.The United....

Argo Blockchain Secures $20 Million Loan with Galaxy Digital LP

Argo Blockchain expresses joy as it announces a £14 million ($20 million) loan agreement on its website. The deal, spanning six months, was secured with Galaxy Digital LP using a portion of its Bitcoin ownership as collateral. The bitcoin-backed loan agreement is expected to grow its operations in Texas, United States of America. The blockchain platform thus […]

Argo Blockchain keeps cashing out BTC to pay the debt to Galaxy Digital

After selling 887 Bitcoin in July, Argo cut its outstanding balance under the BTC-backed loan to just $6.72 million. Cryptocurrency mining firm Argo Blockchain continues to sell its Bitcoin (BTC) holdings to cut its debt to Michael Novogratz’s crypto investment firm Galaxy Digital.Argo sold another 887 Bitcoin in July to reduce obligations under a BTC-backed loan agreement with Galaxy Digital, the firm announced on Friday.With the average BTC price of $22,670, the sales totaled $20.1 million, accounting for a significant part of the maximum outstanding loan balance of $50 million in Q2....

Another miner cashes in: Argo Blockchain reports selling 637 BTC to pay debts

Argo reported it had an outstanding balance of $22 million on a loan from Galaxy Digital, from which it secured BTC-backed loan agreements in 2021. Argo Blockchain has joined crypto mining firms including Bitfarms, Core Scientific and Riot Blockchain in selling part of its Bitcoin holdings.In a Thursday blog post, Argo said it sold 637 Bitcoin (BTC) in June for an average price of $24,500 — roughly $15.6 million. The company planned to use the funds to reduce its debt to Galaxy Digital, from which Argo secured separate $20 million and $25 million BTC-backed loan agreements in 2021. The....

Argo Blockchain Secures $20 Million, Bitcoin-Backed Loan To Expand Texas Mini...

Bitcoin mining company Argo Blockchain has secured a $20 million, bitcoin-backed loan agreement to expand its operations in Texas.