Argo Blockchain Secures $20M Bitcoin-Backed Loan Agreement to Expand Texas Data Center

Argo Blockchain Secures $20M Bitcoin-Backed Loan Agreement to Expand Texas Data Center

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.
  • Source