Argo Blockchain Secures $20M Bitcoin-Backed Loan Agreement to Expand Texas Data Center
29 Jun, 2021•1 min read•Blockchain
U.K.-listed Argo Blockchain (LON: ARB) announced that it has secured a £14 million (US$20 million) loan agreement with Galaxy Digital LP to expand its West Texas data center.
Argo Blockchain said the loan agreement is for a term of six months and includes a portion of the company's bitcoin holding as collateral. Proceeds will be used to continue the build-out of the firm's West Texas data center and to meet its operating cash flow requirements. In March, Argo acquired the New York firm DPN LLC, bringing it ownership of a chunk of land in West Texas for the construction of a new cryptocurrency mining facility. “This agreement allows Argo to secure competitive terms on a loan facility while also allowing us to continue to HODL our Bitcoin," said Argo CEO Peter Wall.