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.
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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.