Argo Blockchain (LON: ARB) announced that it has secured a £14 million (US$20 million) loan from Galaxy Digital to expand its West Texas data center.
- Argo Blockchain said the loan agreement is for a term of six months and includes a portion of the company's bitcoin holding as collateral.
- Proceeds will be used to continue the expansion of the company's data center in West Texas and to meet its operating cash flow requirements.
- In March, London-based Argo acquired the New York firm DPN LLC, bringing it ownership of a chunk of land in West Texas for the construction of a new cryptocurrency mining facility.
- “This agreement allows Argo to secure competitive terms on a loan facility while also allowing us to continue to HODL our bitcoin," Argo CEO Peter Wall said.
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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.