ArgoBlockchain to avoid bankruptcy with $100m from GalaxyDigital
Argo Blockchain has negotiated a $100 million deal with Galaxy Digital which will help it avoid bankruptcy.
London-based crypto mining firm Argo Blockchain has turned the tide thanks to its latest deal with Mike Novogratz’s crypto investment firm Galaxy Digital. The troubled crypto miner has negotiated a $100 million bailout that involves asset sales and a credit facility.by Argo Blockchain CEO Peter Wall, the firm has finalized “transformational strategic transactions with Galaxy Digital Holdings, Ltd.
Wall has clarified that Argos will maintain ownership of all mining machines and will host machines at Helios following its acquisition. The deal also includes a $35 million loan to Argo which will refinance its existing asset-backed loans. This deal will reduce Argo Blockchain’s liabilities by $41 million, providing a much-needed boost to its operations.
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