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Argo Blockchain signs Bitcoin-backed loan agreement

Stock MarketsJun 29, 2021 09:41
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© Reuters.

By Samuel Indyk

Investing.com – Argo Blockchain (LON:ARB) has announced it has secured a £14 million ($20 million) six-month loan from Galaxy Digital (TSX:GLXY), using a portion of its Bitcoin holding as collateral.

The London-listed cryptocurrency miner said the proceeds of the loan will be used to continue the build out of its data centre in West Texas, US, and to enable the company to meet its operating cash flow requirements.

“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,” said Argo Blockchain Chief Executive Officer Peter Wall.

“This agreement allows Argo to secure competitive terms on a loan facility while also allowing us to continue to HODL our Bitcoin.”

Galaxy Digital was founded my billionaire ex-hedge fund manager Michael Novogratz in 2018. The company is an investment company focused on the cryptocurrency and blockchain industry that offers trading services and asset management.

Speaking on the loan agreement, Galaxy Digital head of Mining, Amanda Fabiano, and Head of Lending, Luka Jankovic, said: “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.”

At 09:37BST, shares in Argo Blockchain were trading lower by 2.3% at 131.90 pence per share.

Argo Blockchain signs Bitcoin-backed loan agreement
 

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