(Reuters) – Cryptocurrency miner Argo Blockchain (ARB.L) on Wednesday sold its mining facility Helios for $65 million, signing a new asset-backed loan deal to avoid filing for bankruptcy. announced that it would be refinanced to
Argo will sell the Helios facility to Canadian-listed investment manager Galaxy Digital Holdings (GLXY.TO).
The deal includes refinancing a loan with Galaxy with $35 million in new credit, which will reduce total debt by $41 million, the company said in a press release.
The news comes in a year when cryptocurrency underwent a spell of turmoil, with the collapse of cryptocurrency exchange FTX being the latest blow to the industry.
Digital currency miners, such as Argo Blockchain, use computers to solve cryptographic problems and receive rewards in the form of cryptocurrencies.
Argo, which had previously warned it may run out of cash to continue operations over the next month, said the deal would allow it to continue operating.
Reported by Amna Karimi and Sinchita Mitra from Bangalore. Edited by Janane Venkatraman
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