Argo Blockchain sells Texas facility to Galaxy Digital for $65 million

By Gloria Methri

Crypto mining company Argo Blockchain has entered into an agreement with Galaxy Digital Holdings to sell its Helios facility in Texas for $65 million and refinance its asset-backed loans. In addition, Galaxy has agreed to host Argos mining machines located on Helios. The transactions were completed on Wednesday 28 December 2022.

“This transaction with Galaxy is a transformational transaction for Argo and benefits the company in several ways,” Argo CEO Peter Wall so. “It reduces our debt by $41m (£34m) and gives us a stronger balance sheet and improved liquidity to ensure continued operations through the ongoing bear market.”

With the newly announced transactions, Argo will reduce its total debt by $41 million and simplify its operating structure.

“Argo will maintain ownership of its fleet of bitcoin miners, which represent approximately 2.5 EH/s of total hashrate capacity,” Wall added.

For Galaxy, the transaction will help expand its bitcoin mining operations and services, provide access to tax-efficient mining infrastructure, and reduce reliance on third-party hosting providers.

The Helios facility will join another planned bitcoin mining facility that will be owned and operated by Galaxy, as the firm broke ground on its first proprietary mining site earlier this year.

“Galaxy hopes to be one of the most trusted nodes in the decentralized future,” Galaxy President and Chief Investment Officer Chris Ferraro so. “The acquisition of Helios represents a new phase in our two-year journey in bitcoin mining that increases our operational scale and breadth of solutions, creating sustainable value for the largest decentralized digital asset network and shareholders.”