Argo Blockchain Files to Raise Up to $57.5M in Senior Notes

The crypto miner said it will use the proceeds to build out its facility in Texas, make potential acquisitions and for general corporate purposes.

Nov 8, 2021 at 2:39 p.m. UTC
Updated Nov 8, 2021 at 4:04 p.m. UTC

Argo Blockchain (ARBK), the London-based cryptocurrency miner, has filed to raise up to $57.5 million in senior notes that would be due in November 2026, with an interest rate of 8.75%.

  • Argo will use the proceeds for general corporate purposes, and construction and build-out of its Texas mining facility, as well as potential acquisitions or investments in businesses involved with cryptocurrency and blockchain technology.
  • Argo also said that it mined 167 bitcoin or bitcoin equivalent in October with mining revenue of $9.75 million and a margin of approximately 86%.
  • Argo’s American depositary shares fell slightly in early trading on Monday, while other miners surged amid bitcoin’s rally.

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Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets