Bitcoin miner Argo Blockchain (ARBK) will avoid filing for bankruptcy protection after it agreed to sell its Helios mining facility in Dickens Country, Texas, to Galaxy Digital for $65 million.
The miner will also get a new $35 million loan from noted investor Michael Novogratz’s crypto-focused financial-services firm, which will be secured by Argo’s mining equipment, according to a statement sent to CoinDesk.
“Over the last few months, we have been looking for a way to continue mining through the bear market, reduce our debt load and maintain access to the unique power grid in Texas,” Argo CEO Peter Wall told CoinDesk. “This deal with Galaxy achieves all of these goals, and it lets us live to fight another day.”
The transaction will help Argo bolster its balance sheet and avoid bankruptcy after it found itself in a precarious situation when a deal for $27 million in funding fell through in October.
Additionally, Argo will enter into a two-year hosting agreement with Galaxy, securing a place for Argo’s computers to keep mining at the Helios facility, according to the statement.
Token Roundup
Solana (SOL): The once-popular cryptocurrency dropped over 10% on Wednesday and hit a fresh low of $9.80. SOL is now trading 95% below its price at the beginning of this year.
Bitcoin (BTC): Thelargest cryptocurrency by market value dropped to a weekly low of $16,593 on Wednesday, down about 0.5% over the past 24 hours and little changed from its level over the past two weeks. Equities markets ended the day slightly lower as investors tried to evaluate what China’s reopening of its borders could mean for the country’s economy. The tech-heavy Nasdaq Composite fell 1.25%, while the Dow Jones Industrial Average (DJIA) and S&P 500 ended the day off 0.93% and about 1%, respectively.
Ether (ETH): The second-largest cryptocurrency by market capitalization recently dropped 1.4% to trade at $1,193 at press time.
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
