Bitcoin mining company Argo Blockchain has repaid a $35 million rescue loan to Galaxy Digital

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Bitget2024/08/13 03:36

According to Cointelegraph, Bitcoin mining company Argo Blockchain has completed the repayment of a $35 million loan to asset management firm Galaxy Digital in 2022, avoiding bankruptcy during that year's bear market in cryptocurrency. Argo CEO Thomas Chippas stated in an announcement that this repayment marks "an important milestone for Argo" and was accomplished "without significantly impacting Argo's computing power."

In December 2022, through a multi-party agreement with Galaxy, Argo narrowly avoided bankruptcy. This included selling the Helios Bitcoin mine located in Dickens County, Texas for $65 million and restructuring its debt through a $35 million loan.

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