Top Bitcoin miner Argo Blockchain announced Monday that it had finished repaying a $35 million rescue loan from Galaxy Digital.
Argo said that it had repaid the loan—which came from crypto asset manager and financial services firm Galaxy in 2022—ahead of schedule.
Things were looking bad for the London-based company back in 2022, when a crypto bear market forced the miner to sell parts of its Bitcoin holdings to cover rising energy costs.
Things took a turn for the worse when it called off a $27 million fund raise—causing the firm’s shares to plunge in price.
Galaxy Digital stepped in with the loan and a plan to buy its mining site based in Dickens, Texas for $65 million.
Argo CEO Thomas Chippas said today that the repayment was “a significant milestone for Argo.”
“Repayment was made possible by using cash flow generated from operations, cash generated from equity raises, and cash generated through the sale of non-core assets without any meaningful impact to Argo’s hash rate,” he said.
“Successfully repaying $35 million of high-interest rate debt ahead of schedule is a testament to Argo’s financial discipline,” Chippas added.
Argo’s stock, which trades on the London Stock Exchange and the Nasdaq, was trading higher today on both indices Monday following the news—by nearly 7% on the U.S. exchange and a nearly 5% jump on the British one.
Edited by Ryan Ozawa.
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Source: https://decrypt.co/244349/bitcoin-miner-algo-galaxy-digital-loan-repaid
