Crypto investment firm Galaxy Digital acquires Bitcoin (BTC) miner Argo Blockchain’s flagship facility for $65 million.
According to Argo, billionaire Mike Novogratz’s crypto investment firm has purchased a mining facility known as Helios in Dickens Country, Texas, and has provided a $35 million loan to the struggling company. I’m here.
When the price of Bitcoin plummeted this year, Argo found itself in financial trouble. The sale would allow Argo to avoid filing for bankruptcy protection.
Argo CEO Peter Wall said:
“This transaction with Galaxy is transformative for Argo and will benefit the company in several ways. It will reduce debt by $41 million, strengthen our balance sheet and enhance liquidity. It will enable us to continue operating in the ongoing bear market, and will also allow us to significantly reduce our Capex and Opex requirements so that we can focus on optimizing our operations.”
Helios, which began operations in May 2022, will have a mining capacity of up to 180 megawatts (MW) on its 160-acre campus. About 40 employees manage the day-to-day operations.
Galaxy praised the deal, saying it would bring significant growth to its mining business.
Chris Ferraro, president and chief investment officer of Galaxy, said:
“Galaxy aims to become one of the most trusted nodes of the decentralized future. The acquisition of Helios represents a new stage in our two-year journey in Bitcoin mining, and will strengthen our scale of operations and solution capabilities. We will broaden our reach and create the largest decentralized digital asset network and sustainable value for our shareholders.”
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Featured Image: Shutterstock/Philipp Tur