Argo Blockchain has secured a new £18 million (US$25 million) loan from Galaxy Digital using part of its bitcoin holdings as collateral.
- The loan will be used to fund the expansion of the bitcoin-mining company’s data center in West Texas and to meet its existing cash flow requirements, London-based Argo announced Friday.
- Argo’s existing £14 million ($20 million) bitcoin-backed loan with Galaxy Digital will be rolled into the new agreement.
- The loan matures on Oct. 29.
- Argo completed the 320-acre land purchase in West Texas for the 200-megawatt crypto mining facility in March. CEO Peter Wall said the purchase gave the company greater control over its mining operations as well as the ability to expand its capacity.
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