Argo Blockchain sells $20 million worth of bitcoins to pay off debt to Galaxy Digital

As of July 31, the company had 1 295 BTC on its balance sheet, 227 of which were asset equivalents

05.08.2022 - 16:00

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What’s new? In July, mining company Argo Blockchain sold 887 bitcoins from its reserve to reduce its debt to crypto investment company Galaxy Digital. At an average BTC price of $22 670, the sale amounted to $20,1 million. As of July 31, the outstanding balance on the loan backed by BTC was $6,72 million.

Information on Accesswire's website

The situation at the company. Argo already sold 637 BTC for $15,6 million in June. But despite an active bitcoin sale in the past few months, the company still has a significant stock of assets. As of July 31, Argo held 1 295 BTC, 227 of which were BTC equivalents.

In July, the company significantly increased its mining volume. During the month, the company mined 219 BTC or equivalents, up from 179 BTC in June. Mining revenue in July was $4,73 million, compared to $4,35 million in June.

What is known about the company? Argo Blockchain's main mining center is located in Texas, with offices in the US, Canada and the UK. Operations are primarily powered by renewable energy. The company is also involved in several Web 3.0, DeFi and GameFi projects through its Argo Labs division. Its shares are traded on the Nasdaq U.S. Stock Exchange under the ticker ARBK. As of August 5, 14:05 UTC, the share price was $5,04, having lost 0,4% overnight, according to Investing.com.

What is known about Galaxy Digital? The company was founded by Mike Novogratz, a trader, investor and former head of Goldman Sachs' Latin America division. It had $3,42 billion in assets under management as of the end of 2021.

The Bitfarms mining company previously sold 3 000 bitcoins worth about $62 million and closed a $37 million funding round to buy new equipment. The company used part of its profits to repay a bitcoin-backed loan from Galaxy Digital, reducing it from $66 million to $38 million.

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