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Argo Blockchain secures Bitcoin-backed loan agreement

The proceeds will be used to continue the build-out of the West Texas data centre and to meet the firm’s operating cash flow requirements

Galaxy Digital - Argo Blockchain secures Bitcoin-backed loan agreement

Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, FRA:0XP) announced it secured an £18.05mln loan agreement with Galaxy Digital (TSX-V:GLXY) LP, using a portion of its Bitcoin holding as collateral.

The loan has a maturity date of 29 October 2021.

READ: Argo Blockchain pleased with Bitcoin mining performance in August as margins improve

The cryptocurrency miner’s outstanding loan with Galaxy Digital (TSX-V:GLXY) amounts to £14mln and will be rolled into the new loan agreement, resulting in a total of £32.05mln.

The proceeds will be used, alongside the funds raised by the company previously, to continue the build-out of the West Texas data centre and to meet the firm’s operating cash flow requirements.

The loan will allow Argo to keep its current Bitcoin holding while expanding its mining operations, the company said.

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Price: 127.4 GBX

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Argo Blockchain reports 180% revenue increase in first half of the year

Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, FRA:0XP) (LON:ARB) (OTCQX:ARBKF) CEO Peter Wall tells Proactive long-term profitability and sustainability is paramount for the group, as it reports a profit surge in its first half as a boom in Bitcoin prices and an expansion of its crypto mining...

on 08/09/2021

2 min read