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

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


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.

Trending: New World Order Religious Headquarters Looks To Open Up 2022

The United Kingdom-based Bitcoin miner will reportedly roll up both loans into one for a combined sum of $45 million.

As part of the agreement, Argo will utilize the fresh capital influx to support its expansion efforts in Texas.

In March, the company purchased a 320-acre land plot in Texas that will reportedly host a 200-megawatt Bitcoin mining facility.

By securing a Bitcoin-backed loan, Argo Blockchain is also able to increase its available capital without needing to liquidate mined BTC.

If bullish projections about the price of Bitcoin by end of the year also prove to be

Continue reading

You Might Like

 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend