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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.