Galaxy Digital has agreed to pay $65 million for Argo Blockchain’s bitcoin mining facility Helios

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Galaxy Digital has agreed to pay $65 million for Argo Blockchain’s bitcoin mining facility Helios, the two companies announced on Wednesday.

Galaxy will also acquire “related operations” from Argo Blockchain as part of the deal. Galaxy will also make a $35 million loan to Argo as the company restructures, secured by a collateral package containing Argo mining equipment. Argo will retain ownership of its machines at the Dickens County, Texas, facility and will enter into a two-year hosting agreement with Galaxy to host its mining machines there. Not only will Galaxy’s mining operations expand as a result of this agreement, but Argo will also avoid bankruptcy. The transaction will “strengthen Argo’s balance sheet” and improve the company’s liquidity position, allowing it to “continue operations,” according to a statement from Argo.

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Galaxy Digital has agreed to pay $65 million for Argo Blockchain’s bitcoin mining facility Helios

Galaxy Digital has agreed to pay $65 million for Argo Blockchain’s bitcoin mining facility Helios, the two companies announced on Wednesday.

Galaxy will also acquire “related operations” from Argo Blockchain as part of the deal. Galaxy will also make a $35 million loan to Argo as the company restructures, secured by a collateral package containing Argo mining equipment. Argo will retain ownership of its machines at the Dickens County, Texas, facility and will enter into a two-year hosting agreement with Galaxy to host its mining machines there. Not only will Galaxy’s mining operations expand as a result of this agreement, but Argo will also avoid bankruptcy. The transaction will “strengthen Argo’s balance sheet” and improve the company’s liquidity position, allowing it to “continue operations,” according to a statement from Argo.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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