leadf
logo-loader
viewArgo Blockchain PLC
(
LSE:ARBOTCQX:ARBKFFRA:0XP
)

Argo Blockchain inks Bitcoin-backed loan deal

The crypto miner said the proceeds will be used to help fund the build out of its data centre in West Texas as well as meeting its operating cashflow requirements

Argo Blockchain PLC - Argo Blockchain inks Bitcoin-backed loan deal

Argo Blockchain PLC (LON:ARB) said it secured a £14mln loan agreement for six months with Galaxy Digital LP using a portion of its Bitcoin holdings as collateral.

The crypto miner said the loan proceeds will be used to help fund the build out of its data centre in West Texas as well as meeting its operating cashflow requirements.

READ: Argo Blockchain can benefit from Chinese BItcoin crackdown suggests broker

Argo added that the deal will allow it to retain its current holding of Bitcoin while also being able to expand its mining operations.

"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", Galaxy Digital’s head of mining Amanda Fabiano and head of lending Luka Jankovic said in a statement.

"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", added Argo chief executive Peter Wall.

Quick facts: Argo Blockchain PLC

Follow
LSE:ARB

Price: 163 GBX

Market Cap: £626.68 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

FTSE 100 rises in early trading despite disappointing GDP read

FTSE 100 opened in the green even though the UK economy rose only 0.1% in July after a 1% jump the previous month. London’s main index added 20 points to 7,044 in early trading. Sarah Gilbert, the scientist behind the Oxford COVID-19 vaccine, said giving boosters to everyone won’t be...

1 week, 3 days ago

2 min read