In a press release, Bitcoin miner Argo announced that it would be selling its Helios facility to Galaxy Digital for $65 million, and intends to refinance asset-backed loans with a new $35 million loan from Galaxy.
Additionally, Argo’s fleet of Bitmain-made S19J Pro bitcoin miners will be housed by Galaxy at the Helios site. Argo and Galaxy expect the deal to close on December 28. The Helios facility is situated in Dickens County, Texas.
Argo also revealed that Galaxy will lend the company $35 million over a 36-month period. A package of 23,619 Bitmain S19J Pro bitcoin mining rigs housed in the Helios plant in Texas and others in Quebec serve as collateral for the financing. According to the notification released on Wednesday morning, a number of Argo’s debts are linked to the company NYDIG.
Argo believes that the transactions with Galaxy will improve Argo’s liquidity situation, strengthen Argo’s balance sheet, and allow the company to carry on with its operations.
The publicly traded bitcoin miner also stated that ARBK share trading had been halted on December 27 and said that the trading of ARBK shares on Nasdaq and the London Stock Exchange had since resumed. The firm noted that the agreements with Galaxy do not affect its Canadian assets, with the exception of some mining equipment and other assets located in Quebec that are securing its new loan.
