Coinspeaker
Argo to Sell Helios Mining Facility to Galaxy Digital, Needs Extra Capital to Avoid Bankruptcy
Argo Blockchain has reportedly agreed to sell its Helios mining facility to digital asset and blockchain-centric company Galaxy Digital. Argo will sell the Helios mining plant to Galaxy Digital for $65 million as part of its plans to stave off bankruptcy. The embattled Bitcoin (BTC) mining company has been seeking extra capital to avoid filing for bankruptcy. According to reports, Argo Blockchain expects to close its Helios acquisition deal with Galaxy today, December 28th.
Pursuant to the deal, Galaxy will provide Argo with a new asset-backed loan in an aggregate principal amount of $35 million (£29 million). The initial term for the said deal is 36 months, with financing entailing a collateral package that includes 23,619 Helios Bitmain mining machines.
Argo could use the cash proceeds from the Helios sale and some of its assets-backed loan to cover all financial obligations.
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