back Back

Argo Blockchain sells Texas facility to Galaxy Digital for $65m

By Gloria Methri

December 29, 2022

  • Argo Blockchain
  • Bitcoin Mining
  • Crypto mining
Share

ArgoCrypto mining firm Argo Blockchain has entered into an agreement with Galaxy Digital Holdings to sell its Helios facility in Texas for $65 million and refinance its asset-backed loans. Additionally, Galaxy has agreed to host Argo’s mining machines located at Helios. The transactions closed on Wednesday, 28 December 2022.

“This transaction with Galaxy is a transformational one for Argo and benefits the company in several ways,” Argo CEO Peter Wall said. “It reduces our debt by $41 million (£34 million) and provides us with a stronger balance sheet and enhanced liquidity to help ensure continued operations through the ongoing bear market.”

With the newly announced transactions, Argo will reduce its total indebtedness by $41 million and simplify its operating structure.

“Argo will maintain ownership of its fleet of bitcoin mining machines, which represents approximately 2.5 EH/s of total hashrate capacity,” Wall added. 

For Galaxy, the transaction will help in expanding its bitcoin mining operations and services, provide access to tax-efficient mining infrastructure and reduce reliance on third-party hosting providers. 

The Helios facility will join another planned bitcoin mining facility that will be owned and operated by Galaxy, as the firm broke ground on its first proprietary mining site earlier this year. 

“Galaxy is aspiring to be one of the most trusted nodes of the decentralized future,” Galaxy President and Chief Investment Officer Chris Ferraro said. “The acquisition of Helios represents a new stage over our two-year journey in bitcoin mining that increases our operating scale and breadth of solutions, creating sustainable value for the biggest decentralized digital asset network and shareholders alike.”

Previous Article

December 29, 2022

Global Financial Technology LLC enters into an agreement with Visa

Read More
Next Article

December 29, 2022

CASHe launches GOLDe Rewards, a digital gold program

Read More






IBSi Daily News Analysis

cybersecurity,

June 20, 2024

Argo Blockchain

Why predictive AI is a critical necessity in the field of cybersecurity

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 08, 2024

Revolut debuts crypto trading platform for professional traders

Read More

April 24, 2024

Network International receives SVF licence from UAE Central Bank

Read More

April 22, 2024

Midas raises $45m to roll out crypto, mutual fund & savings account products

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023