On December 28, Argo Blockchain CEO Peter Wall released a statement announcing that the company had agreed to sell its Helios facility to Mike Novogratz’s Galaxy Digital for $65 million. This agreement comes after Argo could not raise the necessary funds to keep the company running and struggled to avoid bankruptcy. Fortunately, Argo was able to secure the funds necessary to continue operations, and it will now be able to move forward with its plans for the future. This agreement is a significant step forward for the company and will provide them with the necessary resources to continue operations and pursue its goals.
In order to survive the current bear market, Argo Blockchain has made the difficult decision to sell its flagship mining facility, Helios, to Mike Novogratz’s Galaxy Digital cryptocurrency investment company for $65 million. This sale will allow Argo to lower their loan by $41 million, enhancing their liquidity and operating structure. The transaction will also enable Argo to cash out their Bitcoin mined to Galaxy in order to lower their debt. With this move, Argo Blockchain CEO Peter Wall believes that the company will be able to continue its mining operations while protecting its financial standing.
