Correction: The article previously stated that Blockware Mining is a subsidiary of Blockware Solutions. Blockware Mining is a separate entity from Blockware Solutions. Private investment firm Arctos Capital has acquired $1 million in assets from Blockware Mining LLC, but will lease them back to the company.
Arctos Capital, the general partner of the Arctos Capital Cryptoasset Credit Fund, is a commercial lender that provides financing for mining businesses and investors, according to a press release. Arctos will lease the lastest generation of Bitmain Antminer hardware to Blockware as well as allowing the company to continue its mining and hosting operations.
Blockware intends to use the funds to expand its operations and equipment. A leaseback transaction allows for businesses to sell an asset and lease to another company or individual in the long-term after a completed sale.
Blockware Mining is a bitcoin mining facility located in the U.S. that offers turnkey solutions for external miners looking to profit off cryptocurrency mining operations. Their aim is to bring greater hashing power to the U.S. in order to further decentralize the Bitcoin network.
“We are excited to announce the closing of this sale and leaseback transaction, which we believe to be one of the first, if not the first, transaction of its kind in the U.S.,” said Trevor Smyth, managing partner at Arctos Capital in a statement.
“Equipment leasing structures will offer Bitcoin Mining Companies an efficient, lower risk method to free up working capital and expand their revenues,” Smyth added.
A Sale and Leaseback transaction, funded by Arctos Capital, is secured by the latest generation of Bitmain Antminer hardware and will allow Blockware Mining to continue expanding its’ mining & hosting operations.
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